00:00It's Benzinga, bringing Wall Street to Main Street.
00:03The Dutch government seized control of Chinese-owned chipmaker Nexperia
00:06under a Cold War-era law to safeguard access to critical technology, according to Bloomberg.
00:11The unprecedented September 30th court order invoked a nearly 70-year-old law
00:16allowing the Netherlands to block or reverse corporate decisions
00:20to protect Europe's semiconductor supply.
00:23The move follows Trump's sanctions on Chinese subsidiaries
00:26and Beijing's new rare-earth export controls.
00:28The Dutch government can overrule Nexperia's decisions
00:32and has ordered its Chinese parent, Wingtec, to freeze any major changes for up to a year.
00:38Wingtec denounced the action as discriminatory
00:40and said it has begun legal and diplomatic efforts to challenge the takeover.
00:45Wingtec's shares fell 10% in Shanghai on Monday.
00:48For all things money, visit Benzinga.com.
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