Last December, South Korean semiconductor company Magnachip reluctantly announced the demise of its proposed $1.4bn merger with Chinese private equity firm Wise Road Capital.
Apart from its listing on the New York Stock Exchange and a nominal corporate presence in Delaware, Magnachip has no substantive operations — in manufacturing, research and development or sales — in the US.
But that did not stop the Committee on Foreign Investment in the United States, a body initially set up in the 1970s to screen the purchase of US strategic assets by OPEC countries, from intervening in the merger.
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