The UK head of a Chinese-owned semiconductor company has said the decision to reverse its takeover of Britain’s largest chip plant is “bad news” for workers and pledged to do whatever it takes to fight the order.
The business department late on Wednesday night ordered Nexperia to sell 86% of its shareholding in the company, formerly known as Newport Wafer Fab, which produces semiconductors in south Wales. The order, which cited national security concerns, would reverse a £63m takeover completed in July 2021.
