Be Semiconductor soars to new records, rumours of interest from US groups

(Il Sole 24 Ore Radiocor) Be Semiconductor (Besi) is flying on the Amsterdam Stock Exchange in reaction to rumours that some US groups are interested in buying the Dutch company. The chip equipment manufacturer's share price soared by more than 11% and touched a record high of EUR 200.50 in the early stages of the session. This is by far the strongest performance of the Aex index and the Stoxx Europe 600. The share price has gained almost 45% since the beginning of the year. According to Reuters, citing multiple sources familiar with the matter, Besi has attracted the interest of potential buyers given the importance of its chip encapsulation technology. The Dutch company, which has a market capitalisation of EUR 14 billion, is reportedly working with Morgan Stanley to evaluate proposals, two of the sources said.

US semiconductor equipment manufacturer Lam Research is mentioned among the suitors that have held talks with the Dutch company, one of the sources said. Other potential takeover candidates for Besi include Applied Materials, which acquired a 9% stake in Besi in April last year, becoming its largest shareholder. The talks, which began in mid-2025, broke down earlier this year following rising tensions between the United States and the European Union over President Donald Trump's attempts to control Greenland, one of the sources reported. In this context, the acquisition of a Dutch company with strategic technology would be subject to a national security assessment. However, potential buyers, including Lam Research, remain interested in Besi and have held talks recently, according to the source.

The Dutch group did not comment on the rumours, stating that it remains committed to implementing its strategy as an independent company. The emerging interest highlights the strategic value of Besi's advanced packaging, which is expected to contribute to the development of new generations of chips used in artificial intelligence (AI) and high-performance computing. Advanced packaging currently represents a 'bottleneck' for the industry, according to experts.

It should also be mentioned that Besi and Applied Materials have long collaborated in the field of hybrid bonding, a technology that directly connects chips with copper-to-copper connections, enabling faster data transfer and lower power consumption in advanced semiconductors. "In recent years, one of the scenarios considered for Besi was an acquisition, as no succession plan for CEO and founder Richard Blickman was ever presented," note analysts at Degroof Petercam, in a note. "We remain convinced that the stock is overvalued, but the acquisition frenzy is generally more about the desire to own than the price," the experts explain, pointing out that M&A in the semiconductor sector is now a kind of "geopolitical chess game". Therefore, 'even the nationality of the buyer could be important for the Dutch government,' they add from Degroof Petercam. Whoever the buyer is, the European Asml or the American Lam and Amt, will be paying 'a high price, well above its value,' the analysts conclude.