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Chinese takeover of Aixtron dropped after US block

China's Fujian Grand Chip Investment withdrew its offer to acquire German chipmaker Aixtron SE, shortly after U.S. President Barack Obama blocked the deal for national security reasons, the Financial Times reported Dec. 8.

The move caused Aixtron's shares to drop by more than 4% to €3.73 in Frankfurt.

Fujian said the offer lapsed because it was not able to secure the approval it needed from Obama or the U.S. Committee on Foreign Investment, which was a condition of the deal.

Meanwhile, Shen Danyang, spokesman for China's Ministry of Commerce, criticized the U.S. for blocking the €670 million acquisition, Reuters reported Dec. 9. He said the deal "shouldn't have been subjected to political interference," and had met international business practices and market principles.