By Cecilia Butini

Shares in chip maker Siltronic AG fell in opening trade on Monday after the company said that a proposed takeover by Taiwan-based company GlobalWafers Co. still hasn't been approved by the German government.

At 0817 GMT, Siltronic traded down 8.9% at EUR126.15.

GlobalWafers's bid is dependent on clearance by the German government, and Siltronic said it is yet to receive information from the economic ministry on the conditions for obtaining clearance.

The bid, which is for 140 euros a Siltronic share, would value the equity at 4.20 billion euros ($4.79 billion). It is set to expire on Jan. 31.

Write to Cecilia Butini at cecilia.butini@wsj.com

(END) Dow Jones Newswires

January 17, 2022 03:51 ET (08:51 GMT)

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