Coherent higher after China approves AMD's planned $35B purchase of Xilinx
Aguus/E+ via Getty Images

Coherent (NASDAQ:COHR), which agreed to be sold to II-VI Inc. (NASDAQ:IIVI) in March, rose 1.4% after China earlier approved Advanced Micro Devices (NASDAQ:AMD) planned $35B acquisition of Xilinx (NASDAQ:XLNX). II-VI fell 1.9%.
China's antitrust approval for the Xilinx deal is likely viewed as positive for other deals that are under review in the country. The approval from China's State Administration for Market Regulation comes after recent approvals by China for Globalwafer's planned acquisition of Siltronic (OTCPK:SSLLF) and SK Hynix's acquisition of Intel's (NASDAQ:INTC)
NAND memory chip business.
II-VI said in November it continued to expect the Coherent deal to be completed in the first calendar quarter of 2022. In early March, II-VI said it originally expected to complete the potential Coherent deal by year's end, especially after Chinese antitrust regulators approved its earlier purchase of Finisar.
Earlier this month, MLex reported that Chinese antitrust regulators are said to have interviewed local companies in the laser and materials industry to get their views on the COHR/IIVI deal.
Major companies in the laser industry gave their feedback to regulators at SAMR late last year, according to the MLex report. The laser industry players haven't called on the regulator to impose remedies.
II-VI (IIVI) is set to release second-quarter results on Feb. 9. 
Separately, earlier China's SAMR also approved Ferro's(NYSE:FOE) sale to Prince International and McAfee Corp.'s (NASDAQ:MCFE) $14B sale to a consortium of private equity firms.
Earlier this week, EU approves Prince's deal to buy Ferro after asset sale pledge.