US gov't blocks China's largest LED chipmaker's $239 million bid to acquire Dutch lighting firm Lumileds — US blocks acquisition attempt of European firm

The US government has blocked China's largest LED chipmaker, Sanan Optoelectronics, from acquiring Dutch lighting firm Lumileds for $239 million due to national security risks related to Lumileds' GaN chip technology. This marks the second time in a decade that a Chinese bid for Lumileds has been thwarted by the Committee on Foreign Investment in the United States (CFIUS). The concern lies in Lumileds' GaN chips, which have military applications, prompting CFIUS to prevent the acquisition. Sanan's failed bid comes amidst governance issues at the company, including the detention of its founder and a significant drop in market capitalization.