The latest pessimistic remarks of the President of Unigroup after a visit to the United States indicates the company has abandoned its bid for Micron, even if it could revive the effort after the presidential elections next year.
Unigroup's Micron Bid Dead
I wrote several weeks ago that an offer by China Unigroup us buy the memory chip giant Micron Technology had become the victim of politics, and now it appears that the case is finally dead. Or at least it is on life support with little hope of resuscitation. That's my interpretation, according to the latest reports say that President Unigroup gave remarks that the pessimistic air after his return to China one last chance to visit us to try to save the deal.
This agreement had the rather interesting look when it was reported in July, and would have been worth some $ 23 billion, marking the largest ever acquisition of a US company by a Chinese counterpart. But political sensitivities quickly surfaced because of the status of Micron as the largest US maker of memory chips used in most electronic devices and also in the defense industry.
The situation was further complicated by the calendar, since the United States is preparing for presidential elections next year and China is often an easy target for would-be attack during this period. As the icing on the cake, Unigroup is stigmatized by its close association with the Tsinghu University, the leading university of science of China, which has close ties with Beijing and is often used for programs conducted by the government to develop new technologies.
American mediaPerhaps the American media have already dismissed this particular agreement, since the last reports were made only in Chinese and were based on information from a source familiar with recent trip we Unigroup president Zhao Weiguo second hand. Foreign media said that UniGroup officials were heading to the US to try to salvage a deal, although this is the first report on results.
Zhao cited the latest report saying that ideally Unigroup can still close a deal to buy Micron. But Zhao quickly added that if such an agreement is not made, perhaps the two companies can form a deeper cooperation arrangement that will benefit both parties, forge a new relationship between Chinese businesses and American technology. The report adds that Zhao also met with several US lawmakers on the trip, but it was not more specific.
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