Applied Materials and Tokyo Electron cancel merger

April 27, 2015 8:38 AM

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U.S. manufacturer Applied Materials and Tokyo Electron have agreed to cancel their plans to merge, in what would have created a company with an estimated market value of approximately $29 billion.

In a statement, Applied Materials said the decision came after the U.S. Department of Justice (DoJ) said the remedy proposal for the firms, which both make semiconductor equipment, would not be enough to replace the competition lost from the deal.

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