China’s SMIC clears final hurdle for US$6 billion takeover of SMNC
Semiconductor Manufacturing International Corporation (SMIC), China’s largest wafer foundry, has cleared the final regulatory hurdle for a share-based acquisition of the remaining 49 per cent stake in its Beijing-based foundry unit, paving the way for what could become the largest merger and restructuring deal on Shanghai’s Star Market. China’s securities regulator approved SMIC’s plan to issue 547.2 million A-shares to five shareholders of Semiconductor Manufacturing North C
China's largest chipmaker, SMIC, has received final approval from the country's securities regulator for its acquisition of the remaining 49% stake in its Beijing foundry, SMNC. This move involves SMIC issuing over 547 million A-shares to five SMNC shareholders. The deal is poised to become the largest merger and restructuring transaction on Shanghai's Star Market.
This significant acquisition consolidates SMIC's operations and could represent a major development in China's domestic semiconductor industry.
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