Financial Times: The Dutch government takes control of Chinese-owned Dutch chipmaker Nexperia under the Goods Availability Act to safeguard chip supply for European industries — Move by The Hague escalates frictions between western countries and Beijing over access to high-end technology
China wouldn’t let an European company buy the Chinese company in the first place. This isn’t even hypothetical, Chinese economic policies are extremely protectionist.
Also, China requires foreign companies to basically hand over all IP rights to the local entity as a default.
They don’t need to take over the business - they have everything they need to replace the foreign ownership at a moment’s notice.