Dutch chip tool maker Besi soars after Applied Materials moves to double stake

Besi Shares Soar as Applied Materials Doubles Stake and Deepens Partnership

Applied Materials Increases Stake in Besi and Expands Strategic Partnership

AMSTERDAM, Oct 27 (Reuters) - Shares in Dutch semiconductor packaging equipment maker BE Semiconductor Industries (Besi) rose sharply at the start of trade in Amsterdam on Tuesday, after larger US peer Applied Materials said it would increase its stake in Besi to about 20%.

Besi Share Price Reaction

At 0831 GMT, Besi shares were up 8.8% at €159.20.

Details of the Partnership Expansion

Hybrid Bonding Technology Collaboration

The move by Applied Materials to strengthen its strategic position in Besi follows an October 1 announcement that the firms will expand their longstanding partnership in Besi's hybrid bonding technology — seen as a key enabler of next-generation AI chips — to other related areas. 

Accelerated Purchase Agreement and Antitrust Review

Applied said in a statement after the close of US trade on Monday that it had entered into an "accelerated purchase agreement" for shares that is subject to US antitrust review before delivery, but said it "currently has no intention to increase its investment in Besi beyond approximately 20%" and would not seek a seat on Besi's board. 

Dutch Competition Rules

Under Dutch competition rules, a company must launch a full bid for a competitor after acquiring a stake of more than 30%.

Market and Regulatory Considerations

Potential Acquisition Challenges

"We believe AMAT (Applied Materials) would love to buy Besi, but we also believe the Chinese regulator would likely block such a deal," Degroof Petercam analyst Michael Roeg wrote in a note.

China's Role in the Semiconductor Industry

Both companies have significant sales in China, which gives Chinese antitrust regulators the power to review any merger between them. China accounted for about 30% of Applied's revenue in 2025, and Besi has a manufacturing site in Leshan, China. In 2021, Applied terminated its planned acquisition of Japan's Kokusai Electric after it did not receive timely approval from China's regulator.

Background and Recent Developments

Applied Materials' Initial Investment in Besi

Applied first purchased a 9% stake in Besi in April 2025. Applied's move to increase its stake follows a steep decline in Besi's shares, which lost half of their value amid a broader selloff in semiconductor stocks after touching a high of €317 in June.

(Reporting by Toby Sterling; Editing by Emelia Sithole-Matarise and Xevi Fontdegloria)