German chipmaker Infineon has cleared an important hurdle in its planned takeover of US competitor Cypress Semiconductor, which is estimated to cost around 9 billion euros. The US government agency, the Committee on Foreign Investment in the United States (CFIUS), has approved the transaction, Infineon announced in Munich on Tuesday. The Chinese regulators have yet to give their approval, the company added. "The closing of the acquisition remains subject to approval by the State Administration for Market Regulation (SAMR) and other customary closing conditions under the Acquisition Agreement."
The DAX-listed group aims to become one of the world's Top 10 semiconductor manufacturers with the largest takeover in its history. And when it comes to chips for the automotive industry, Group CEO Reinhard Ploss even sees Infineon as the future number one as a result of the acquisition.
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