May 7, 2018 / 7:25 PM / 20 days ago

Microchip says can't confirm reports on China approval of Microsemi deal

(Reuters) - Microchip Technology Inc said on Monday it cannot confirm media reports that the Chinese government has approved its $8.35 billion bid to buy Microsemi Corp.

“We cannot confirm today’s report in the press that China’s MOFCOM has cleared the transaction,” the company told Reuters in an email.

Microchip said it believes the deal review process is running smoothly, and it remained optimistic that it will shortly get clearance from China’s Ministry of Commerce (Mofcom).

Mofcom approval is seen as the major hurdle for the deal, which has already received antitrust clearance in the United States.

Shares of Microchip went up as much as 2.5 percent on Monday after reports that Mofcom had approved the acquisition. They were last up 1.3 percent at $88.68.

Microsemi shares rose as much as 3.7 percent and were last up 2.1 percent at $67.75.

Reporting by Munsif Vengattil in Bengaluru; Editing by Shounak Dasgupta

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