Files takeover application
Abu Dhabi based Advanced Technology Investment Corporation has filed an application to take over AMD spinoff Globalfoundries. The application was filed with Germany's cartel office on January 12.
ATIC already owns a 65.8 stake in the company, but it is now seeking to buy out the rest. In a statement ATIC said the application was consistent with AMD's long term plans to become fab-less and was one of the key strategies in the creation of Globalfoundries.
According to Reuters, last week Globalfoundries CEO Doug Grose announced that AMD will reduce its stake in the foundry.
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