Magnethersteller: Geht eine deutsche Schlüsseltechnologie an einen US-Konzern? Ministerium prüft Risiken des VAC-Deals

The German Federal Ministry of Economics is examining the potential takeover of Vacuumschmelze (VAC), a key German technology company, by U.S. firm Energy Fuels. The U.S. mining company plans to purchase VAC for $1.9 billion from investment firm Ara Partners. Ara Partners acquired VAC in 2023, after the German company was previously owned by various U.S. investment firms since 2005.

The German Federal Ministry is investigating whether the deal could impact German or European security interests, particularly in terms of supply security. If risks are identified, the ministry will take necessary measures to mitigate them. VAC employs around 4,000 people and has production sites in Slovakia, Finland, Malaysia, and China, with a focus on developing, manufacturing, and marketing magnetic materials.

Permanent magnets are considered a key technology for the energy transition, industrial transformation, and digitalization, being essential for electric cars, wind turbines, industrial robots, military aircraft, drones, and AI data centers. Founded over 100 years ago, VAC holds over 400 patents and has produced more than a billion permanent magnets in the past decade.

The takeover, announced by Energy Fuels in June, would integrate VAC completely into the company, despite VAC retaining its brand and continuing to operate from Hanau. Energy Fuels aims to build a full supply chain outside China, from rare earth mining to finished magnets. The acquisition is seen as part of the U.S. and its allies' strategy to reduce dependence on China, which controls much of the global supply chain for rare earths.

Speculation about the investment review has been ongoing, with the Federal Ministry previously not confirming it. Insider information suggests that it is unlikely the German government would block the takeover, but rather demand concessions to ensure the Hanau factory remains central to the business. However, the specific conditions imposed by the ministry are not publicly disclosed, sparking criticism.

In the past, the ministry has required conditions for other takeovers, such as the software company PSI sold to U.S. investor Warburg Pincus, though the details of those conditions were kept secret. The ministry cited "constitutionally protected business secrets" of the involved companies, stating that the lack of transparency undermines trust in the government's actions.

Recently, the German government blocked a Chinese state-owned shipping company's acquisition of the logistics company Zippel due to security concerns.