PanamaTimes

Saturday, Feb 24, 2024

Report: Germany to push ahead with Chinese takeover of chips plant

Report: Germany to push ahead with Chinese takeover of chips plant

German spy chief has warned that China buys into strategic industries in order to exert pressure.
Despite warnings from intelligence agencies, Germany's government is set to approve a Chinese takeover of a German company's microchips production facility.

German outlet Handelsblatt reported Thursday that the deal — which would see a takeover of the semiconductor production of Dortmund-based Elmos by Sweden's Silex, a wholly owned subsidiary of China's Sai Microelectronics — was set to get the green light against security advice.

The deal is currently being reviewed by the German economy ministry. A final decision on approval is expected within the next few weeks.

Europe — and Germany in particular — has been grappling with its reliance on autocratic third countries for critical infrastructure, after its dependency on Russian energy was exposed by Vladimir Putin's war on Ukraine.

The reports come only days after the German government gave the green light to Chinese state-owned shipping giant Cosco buying a foothold in a container port in Hamburg. German Chancellor Olaf Scholz not only ignored warnings from the EU but also from six of his own federal ministries, including the Greens' Vice Chancellor Robert Habeck.

Elmos is one of Germany's smaller semiconductor companies, which mainly produces chips for the automotive industry. Silex plans to take over the plant for €85 million. Elmos will use the investment to give up its own production and instead process chips bought from contract manufacturers.

The German government says that the technology Elmos uses is old and not to expect any outflow of critical know-how to China. The German security authorities, on the other hand, argued that they are not only concerned about exiting knowledge, but also that China is systematically increasing its chip production capacities.

According to Handelsblatt, they advised the government to block the deal.

The president of the Federal Intelligence Service (BND) also recently warned that China is deliberately buying into strategic industries in order to exert pressure on other countries.
Newsletter

Related Articles

PanamaTimes
Apple warns against drying iPhones with rice
In a recent High Court hearing, the U.S. argued that Julian Assange endangered lives by releasing classified information.
Global Law Enforcement Dismantles Lockbit Ransomware Operation
Russian opposition leader Alexey Navalny has died at the Arctic prison colony
The President of Argentina Javier Mile does not fly private, he flies commercial, with the citizens he represents. And they LOVE him for it.
Bitcoin Reaches $50,000 for First Time in Over Two Years
Belo Horizonte: Brazil's Rising Carnival Hotspot for 2024
In El Salvador, the 'Trump of Latin America' stuns the world with a speech slamming woke policing after winning a landslide election
Tucker’s interview with Putin is over 50M views on X within the first 5 hours.
Finnish Airline, Finnair, is voluntarily weighing passengers to better estimate flight cargo weight
President Nayib Bukele has proudly announced El Salvador's remarkable achievement of becoming the safest nation in the Western Hemisphere.
Former Chilean President Sebastian Piñera Dies in Helicopter Crash
This farmer seems to understand science a bit more than the event organizer, Klaus Schwab.
Facebook turns 20: From Mark Zuckerberg's dormitory to a $1trn company
The Coolest Dictator in the World" on the Path to Victory in El Salvador
Macron, France and fake news
Indian-Origin Man 'King' Arrested For Smuggling $16 Million Drugs Into US
Can someone teach Americans that not every person with slanted eyes is Chinese?
Europe's Farmers Feeding the People, Protesting Against Politicians Who Do Nothing for Their Country and Serve Only Themselves at Taxpayers' Expense
Paris Restaurant That Inspired 'Ratatouille' Loses $1.6 Million Worth Of Wine
Brazilian Police Investigate Bolsonaro's Son for Alleged Illegal Spying
Police in Brazil Raid Residence of Bolsonaro Associate Over Allegations of Illegal Spying
Border Dispute Escalates as Texas Governor Vows Increased Razor Wire
OpenAI Enhances ChatGPT-4 Model, Potentially Addressing AI "Laziness" Issue
The NSA finally acknowledges spying on Americans by acquiring sensitive data
Report Reveals Toxic Telegram Group Generating X-Rated AI-Generated Fake Images of Taylor Swift
US Border Patrol States 'No Plans' to Remove Razor Wire Installed in Texas
Bitcoin Experiences Approximately 20% Decline in Value
Klaus Schwab recently appointed himself as the Earth's "trustee of the future."
DeSantis Drops Out, Endorses Trump.
Nikki Haley said former President Trump is "just not at the same level" of mental fitness as he was while president in 2016.
Residents of a southern Mexican town set the government palace on fire in response to the police killing of a young man
Samsung Launches AI-Driven Galaxy S24, Ushering in New Smartphone Era
Judge Questions SEC's Regulatory Overreach in Coinbase Lawsuit
The Ecuador prosecutor who was investigating the television studio attack, has been assassinated.
Is artificial intelligence the solution to cyber security threats?
Vivek Ramaswamy suspends his US election campaign and endorses Trump.
Viral Satire: A Staged Satirical Clip Mistaken as Real Footage from the 2024 World Economic Forum in Davos
The AI Revolution in the Workforce: CEOs at Davos Predict Major Job Cuts in 2024
Ecuador Reports 178 Hostages in Prison Gang Standoff
The Startling Cuban Espionage Case That Has Rattled the US Government
Two Armed Men in Ecuador, Dressed as Batman and The Joker Storm the Streets.
Armed Gang Raids Ecuadorian TV Station Following State of Emergency Declaration
Anti-Democratic Canada: Journalist Arrested for Questioning Canadian Finance Minister on Support of Terrorist Group
Ecuador's 'Most-Wanted' Criminal Vanishes from Prison
Mexican Cartel Supplied Wi-Fi to Locals Under Threat of Fatal Consequences for Non-Compliance
Border Surge Leads to Over 11,000 Migrants Waiting in Northern Mexico
Outsider Candidates Triumph in Latin American Elections
As Argentina Goes to the Polls, Will the Proposal to Replace the Peso with the Dollar Secure Votes?
Fatal Shark Attack Claims Life of Boston Woman Paddleboarding Near Bahamas Resort, According to Police
×