(Bloomberg) -- GlobalWafers Co. failed to reach a breakthrough in a last-ditch bid to salvage its planned $5 billion takeover of Siltronic AG, according to people familiar with the matter.
At a closed-door meeting between GlobalWafers Chief Executive Officer Doris Hsu and Deputy Economy Minister Udo Philipp, the Taiwanese technology company didn’t resolve the government’s concerns, said the people, who asked not to be identified because the information is private.
While the ministry continues to examine the deal, it likely won’t approve it by Monday night, when a deadline for GlobalWafers to get all necessary approvals ends, the people said.
Spokespeople for GlobalWafers and Siltronic declined to comment. A spokesperson for the Economy Ministry said the review is ongoing, declining to comment further.
The meeting was likely the Taiwanese firm’s final opportunity to convince Germany to back the deal.
GlobalWafers said on Thursday the deal still had a chance to be approved as legal options remain available to address any concerns. The statement came a day after Bloomberg reported that Germany is likely to allow a Monday deadline lapse without granting approval, a move that could derail the proposed deal.
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