Siltronic and GlobalWafers deal at a standstill
In light of current market reports, Siltronic AG has issued an update stating that there has been no real progress on the German investment review of the takeover by GlobalWafers.
The representatives of the companies have – during recent discussions with representatives of the German Federal Ministry for Economic Affairs and Climate Action (BMWK) – still not received any information as to whether and under which conditions a clearance for the takeover of Siltronic may be issued, the update reads.
In the view of BMWK's, a mitigation agreement is apparently not suitable to mitigate concerns with respect to the transaction in this case, and the BMWK has not communicated specific commitments or conditions, under which a clearance decision could be issued.
The public takeover offer of GlobalWafers GmbH provides that all closing conditions have to be fulfilled until January 31, 2022. The problem is that the transaction cannot be closed if the BMWK does not issue the clearance decision on or before January 31, 2022.
