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(Bloomberg) – GlobalFoundries Inc., a chipmaker owned by an investment arm of the Abu Dhabi government, sticks to its initial public offering plan next year, director says General Tom Caulfield. a takeover bid by Intel Corp. are speculation, he said. “There is nothing in this discussion,” Caulfield said Monday in an interview with Bloomberg Television. Because the chipmaker is heading for a stock sale, “you can expect a lot of speculation,” he said.
Intel has been studying the feasibility of the takeover of US-based GlobalFoundries, people familiar with the matter said last week, asking not to be identified as the deliberations are private. But no formal takeover approach has been made to GlobalFoundries owner Mubadala Investment Co. and the two sides are not in active talks, the people said.
Mubadala created GlobalFoundries by purchasing the manufacturing operations of Advanced Micro Devices Inc. in 2009 and later combining them with Chartered Semiconductor of Singapore. The fund continues to work with advisers on plans to list the company at around $ 30 billion worth, the people said.
“I think they are interested in retaining GF,” said Caulfield. “They think this asset has become a star in their portfolio.”
Last week, a Malta spokesperson, New York-based GlobalFoundries, said there was no discussion with Intel. Representatives for Intel and Mubadala declined to comment following a Wall Street Journal report that the world’s largest chipmaker was planning a bid.
Contract chipmakers like GlobalFoundries make semiconductors for big tech companies like Apple Inc., Nvidia Corp. and Amazon.com Inc. Intel, headed by chief executive Pat Gelsinger, has declared its ambition to spend big to enter this market and challenge Taiwan Semiconductor. Manufacturing Co. and Samsung Electronics Co., two companies that took the lead in manufacturing from the American company.
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