Trump admin blocks Chinese buyer from taking over US tech firm

Discussion in 'Politics' started by shockedcanadian, Sep 13, 2017.

  1. shockedcanadian

    shockedcanadian Platinum Member

    Aug 6, 2012
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    That's how you deal with a Communist government that is hellbent on your destruction, you protect businesses from National Security issues. This is something Canada refuses to learn, probably due to our security apparatus and covert police forces operating for Federal and provincial benefit.

    Leadership is never easy, great call on this one! Wisely Trump is also playing hardball with the potential trade of countries with N Korea. No more weak America being exploited and treated like a rag doll.

    Citing national security concerns, President Trump on Wednesday blocked a Chinese-backed investor from buying Lattice Semiconductor Corp. — only the fourth time a president has stopped a foreign takeover in 27 years.

    The would-be buyer, Canyon Bridge Capital Partners LLC, is a private-equity firm backed by a Chinese state-owned asset manager, Bloomberg reported.

    “Consistent with the administration’s commitment to take all actions necessary to ensure the protection of US national security, the president issued an order prohibiting the acquisition,” Treasury Secretary Steve Mnuchin said in a statement.

    The Trump administration has maintained the US’s tough stance against Chinese takeovers of American businesses even as it seeks the country’s help to resolve the North Korean nuclear crisis.

    Other Chinese deals under review include MoneyGram International Inc.’s proposed sale to Ant Financial, the financial-services giant controlled by Chinese billionaire Jack Ma.

    The government is also examining an agreement by Chinese conglomerate HNA Group Co. to buy a stake in SkyBridge Capital LLC, the fund-management company founded by Anthony Scaramucci, who was briefly Trump’s White House communications director, then news service reported.

    Trump’s move builds on years of US opposition to China’s efforts to bolster its chip industry by buying American technology.

    China, the world’s largest chip market, has been on the hunt for acquisitions in the field as it looks to build a domestic supply and rely less heavily on imports, as the $300 billion global semiconductor industry undergoes its biggest wave of consolidation.
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