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
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.