The government is under increasing pressure to block the sale of one of Britain’s biggest microchip factories to the Chinese.
Ministers and officials have spent months considering whether to allow the takeover of Newport Wafer Factory in South Wales by Nexperia, controlled by Wingtech Technology, the Chinese smartphone maker.
Despite reports that the deal has been approved, sources close to Kwasi Kwarteng, the business secretary, insisted no decision has yet been made.
“Nothing has been ‘approved,'” an official said. “The Business Secretary can and still can intervene in the transaction under the National Security and Investment Act.” Since the start of the year, the Business Secretary has had the power to intervene in takeovers where the UK’s national interests may be harmed.
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