China 'firmly opposes' Dutch takeover of Nexperia

Beijing said on Thursday it "firmly opposes" the Dutch government's seizure of Chinese-owned chipmaker Nexperia, arguing that the takeover "violates the spirit of contractual agreements and market principles".

Officials in the Netherlands invoked a Cold War-era law in late September to effectively take control of the Dutch-based company, citing national security concerns.

This means that while the company -- a subsidiary of Chinese semiconductor firm Wingtech, based in the Dutch city of Nijmegen -- can continue regular production, its decisions can be blocked or reversed by the Dutch government.

The Dutch government said the move was due to "recent and acute signals of serious governance shortcomings and actions" within Nexperia.

A spokeswoman for Beijing's commerce ministry said on Thursday that China "firmly opposes the Dutch side's attempt to expand the concept of national security and directly interfere in the internal affairs of enterprises".

The decision "not only violates the spirit of contractual agreements and market principles, but will also severely damage the Dutch business environment, harming both others and itself," He Yongqian said. 

AFP