Taiwanese authorities have given approval for microchip giant United Microelectronics Corp to buy a majority stake in China's He Jian Technology, officials said Thursday.
The Investment Commission said in a statement it approved the bid by UMC, the world's second largest contract microchip maker after Taiwan Semiconductor Manufacturing, to acquire a further 51.85 percent stake in He Jian for $157 million.
Last year UMC acquired a 35.74 percent stake in the Chinese firm, which makes chips for integrated chip design houses.
Ties between Taiwan and China, separated in 1949 at the end of a civil war, have become closer since President Ma Ying-jeou of the Beijing-friendly Kuomintang came to power in Taiwan in 2008.
Ma, who calls for stronger trade and tourism links, was re-elected in January for a second and last four-year term.
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