MUNICH, Germany
,
February 1, 2022
(press release)
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Germany’s Ministry of Economic Affairs and Climate Action did not issue the foreign trade clearance required for the merger of Siltronic AG (“Siltronic”) with GlobalWafers Co., Ltd. (“GlobalWafers”). The Ministry did not provide the clearance required to close the transaction by the deadline of January 31, 2022. As a result, the planned merger will not materialize. 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.” This press release contains forward-looking statements based on assumptions and estimates of WACKER’s Executive Board. Although we assume the expectations in these forward-looking statements are realistic, we cannot guarantee they will prove to be correct. The assumptions may harbor risks and uncertainties that may cause the actual figures to differ considerably from the forward-looking statements. Factors that may cause such discrepancies include, among other things, changes in the economic and business environment, variations in exchange and interest rates, the introduction of competing products, lack of acceptance for new products or services, and changes in corporate strategy. WACKER does not plan to update its forward-looking statements, nor does it assume the obligation to do so.
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