Unigroup preparing $23b bid for Micron

Tsinghua Unigroup Ltd, the State-backed technology giant, is planning the biggest-ever Chinese takeover of a United States firm, but it is likely to face both financial and US regulatory challenges if it is to succeed.

The integrated circuit manufacturing specialist is believed to be bidding a record $23 billion to buy US chipmaker Micron Technology Inc, sources said on Tuesday.

Unigroup refused to comment on the potential buyout and Micron said it had yet to receive a formal offer.