Consequently, the irrevocable undertaking signed by WACKER and GlobalWafers on December 9, 2020, is void. In that agreement, the Munich-based chemical company had committed to transfer its 30.83-percent stake in Siltronic to GlobalWafers in the event of a successful merger.
“We regret the decision by Germany’s Ministry of Economic Affairs and Climate Action not to approve the merger before expiry of the contract closing period. We remain convinced that the merger of GlobalWafers and Siltronic would have been in the best interests not only of both companies, but also of the German and European semiconductor industries,” said Christian Hartel, President & CEO of WACKER. “The merger of Siltronic with GlobalWafers would have created an industry leader with strong roots in Europe and an extensive portfolio for supplying all its customers with cutting-edge products.”
Hartel underscored that WACKER still intended to sell its remaining stake in Siltronic in the medium term and that WACKER was under no time pressure in this regard: “Siltronic has performed extremely well in recent years. It is excellently placed in terms of technology and is highly profitable. That makes our stake in Siltronic a financially accretive investment for us.”