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Europe in fear again: Chinese takeover of Osram's unit halted

Staff Writer | October 29, 2016
The German government has turned down a Chinese request for approval of a takeover of Osram's light bulbs unit Ledvance pending a review of the deal, WirtschaftsWoche reported.
Acquisition   Osram is switching focus to lighting technology
Osram is switching focus from light bulbs to lighting technology, selling Ledvance and investing 1 billion euros ($1.1 billion) in a new factory in Malaysia to make chips for LED lights.

The group agreed earlier this year to sell Ledvance to a group of Chinese buyers, including lighting company MLS (002745.SZ), for more than 400 million euros ($437 million).

WirtschaftsWoche said Berlin would review the planned acquisition, meaning it could be months until there is clarity over whether the deal will go through.