Chinese-owned Nexperia withheld cash from Newport Wafer Fab to snap up on the cheap

Chinese-owned Nexperia withheld cash from Newport Wafer Fab to snap up on the cheap

Chinese-owned Nexperia withheld cash from Newport Wafer Fab to snap up on the cheap The Chinese-backed owner of the UK’s largest chipmaker Newport Wafer Fab pushed it into financial difficulties and stalled a private equity takeover so it could buy the firm cheaply, according to reports. Dutch chip making group Nexperia, which is owned by Chinese firm Wingtech, took a 14 per cent stake in Newport Wafer Fab in 2019 which gave it a board seat and a veto over company decisions. According to sources cited by the Times, Nexperia withheld cash from the firm and reportedly stalled a £50m offer from a private equity bidder, allowing it to then snap up the remaining 86 per cent of the firm for £67m. Newport Wafer Fab went through “a period of …
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