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China defends Chinese takeovers of German firms

Chinese Vice Premier Liu Yandong on Thursday defended efforts by Chinese companies to take stakes in German companies, saying such deals benefitted both sides.

“Concerns about a ‘sell-off of Germany’ are completely unfounded,” Liu told Germany’s Handelsblatt newspaper days after news that US authorities had recommended blocking the sale of German chip equipment maker Aixtron by China’s Fujian Grand Chip Investment Fund (FGC).

Liu said China would continue to encourage its firms to invest in Germany despite the US decision and a move earlier this month by Germany Economy Minister Sigmal Gabriel to withdraw approval of the 670-million-euro takeover deal.

The Chinese official met on Thursday in Hamburg with German Foreign Minister Frank-Walter Steinmeier, who said Germany would continue to welcome Chinese investments, but that such deal could not be a ‘one-way street.’

Get the full story over at http://www.scmp.com/business/companies/article/2049119/china-defends-chinese-takeovers-german-firms-newspaper


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