China's appetite for US assets was stifled on Tuesday after Fairchild Semiconductor turned down a $2.6bn bid from Chinese state-backed enterprises over fears that the deal would be blocked by US regulators.
The California-based company chose an offer by US rival ON Semiconductor instead of a higher bid by China Resources and Hua Capital, highlighting the difficulties for Chinese groups in securing sensitive assets in America.
ON Semiconductor agreed to acquire Fairchild for $20 per share in cash, while the Chinese consortium countered with $21.70 per share in cash.
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