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SNDK 200.32+2.2%Nov 21 9:30 AM EST
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From: Sam4/16/2018 5:10:35 PM
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Bruno Cipolla

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China refuses to approve SK hynix-Toshiba deal

In the latest standoff over attempts to purchase Toshiba's NAND flash memory chip business pursued by a Korea-Japan-U.S. consortium, China's regulators are seeking more protections for Chinese companies before approving the proposed purchase of the Toshiba unit.

That may jeopardize the consortium's mega bid to close the deal, sources familiar with the issue told The Korea Times by telephone, Monday.

"They were saying the consortium's proposed purchase of Toshiba's NAND chip business will be affected by U.S.-China trade friction. The reality is Chinese regulators want the consortium to provide more remedies to protect Chinese companies before approving the plan," one senior hedge fund manager at an investment bank said.

Out of the eight countries that the consortium requested for approval of the deal, China is the only one that has been delaying the approval of the proposed takeover plan. The approval by Chinese regulators has been delayed to May 1 after the consortium's first attempt to close the deal failed.

"China has typical patterns in dealing with proposed takeover deals by foreign companies. The rationale is that the country wants them to transfer key technologies and to cut payments by Chinese firms for patents as a condition for approval," said another source from a foreign investment bank operating in Seoul.
[....]

"The biggest concerns by Chinese regulators with regard to an issue for proposed takeover deals by foreign companies are that if such plans get implemented, they could hurt Chinese industry. This is a dilemma for foreign companies as it's true China is the most attractive market by any means," the second source said.

more at koreatimes.co.kr
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