Home » Breaking News » Trump blocks sale of US tech firm to Chinese company

Trump blocks sale of US tech firm to Chinese company

Donald TrumpImage copyright
Getty Images

The Trump administration has barred the sale of a US know-how firm to a Chinese-backed company, citing nationwide safety dangers.

Since November, Chinese-backed Canyon Bridge Capital Partners has been in search of approval for a $1.3bn (£984m) deal to purchase Lattice Semiconductor.

Canyon Bridge mentioned it was “disillusioned” by the choice.

The order comes because the US has been toughening its stance on China’s mental property practices.

In its announcement, the Trump administration mentioned it was involved in regards to the “potential switch” of mental property from Lattice. It additionally cited the use of Lattice merchandise by the US authorities.

Mr Trump’s order was according to an earlier advice by the US committee that critiques overseas transactions.

That step usually decides such issues, however the corporations made the uncommon transfer to enchantment instantly to the president in an effort to win approval.

Lattice, a chipmaker that makes about 70% of its income in Asia, has mentioned it didn’t suppose the deal posed a safety threat.

In an emailed assertion, Canyon Bridge didn’t handle the safety considerations raised by the US authorities.

The company, which is backed by the China Venture Capital Fund, mentioned it could proceed to pursue different investments.

“We are clearly disillusioned in right now’s resolution by the President of the United States to forgo what we imagine to be a superb deal for Lattice’s shareholders and its staff by increasing the chance to preserve jobs in America,” the company mentioned.

Source link

Leave a Reply

%d bloggers like this: