Culture Secretary hints ministers are prepared to intervene in US takeover of British chip maker Arm
Culture secretary Oliver Dowden said the proposed sale of Arm to Nvidia for £30bn was still ‘very much under consideration’
Culture Secretary Oliver Dowden has hinted that ministers are prepared to intervene in the American takeover of British chip maker Arm.
Speaking to journalists, Dowden said the proposed sale of Arm to Nvidia for £30billion was still ‘very much under consideration’ by officials, who are looking at whether the deal can be referred on grounds of national security.
At the same time, the takeover is also being probed on competition grounds by the Competition and Markets Authority.
Cambridge-based Arm, which designs microchips used in most of the world’s smartphones, was bought by Japanese giant Softbank for £24billion in 2016.
Critics fear Nvidia could throttle rivals’ access to Arm’s designs. The US firm rejects those claims.
When asked whether he now regretted Arm becoming a ‘plaything’ of two major foreign companies, Dowden replied: ‘I would not say we have dropped the ball.
‘What I would say is this is a takeover situation where the Government is assessing how and whether it will exercise its power in respect of that transaction.’