Chinese Copper Foil Maker Defu Slumps After Luxembourg Stymies Plan to Take Over Circuit Foil
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Defu Technology's shares fell 9.1% after it abandoned its takeover of Circuit Foil Luxembourg due to restrictive conditions imposed by the Luxembourg government. The company will instead pursue a 51% stake in Huiru Technology, a Chinese copper foil manufacturer, to enhance its production capacity. The Luxembourg deal would have allowed only a minority stake with limited rights, leading to the termination of the acquisition. Defu had previously agreed to buy Circuit Foil for EUR174 million, but the deal is now off, with a full deposit refund expected.
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