According to CNN, China's state-owned firm, Tsinghua Unigroup, is preparing to buy the U.S. chipmaking company Micron. The bid to buy the company is $23 billion. If this deal goes through it will be the biggest Chinese takeover of a U.S. firm. China already has a partnership with Intel (NASDAQ: INTC). The two companies were helping each other create a super computer for China with Intel's chips. However, that project fell through when the U.S. government shut it down. For more news on China, click here.