Chartered Semiconductor Manufacturing Ltd. (CHRTD: News ) has received a S$2.45 billion or $1.7 billion bid from Abu Dhabi's Advanced Technology Investment Co, to acquire Temasek Holdings Pte,'s near 60% stake in the chipmaker, reports said.
Advanced Technology, a technology investment company, which is wholly owned by the government of Abu Dhabi, offered to buy Chartered shares from Temasek at S$2.40 to S$2.60 apiece, reports noted.
Chartered Semiconductor in announcement said that it has not received such a bid from Advanced Technology. Reportedly, Temasek declined to comment on what they called "rumors."
Chartered reported a net loss of $98.8 million for the three-month period ended March 31 and expects to post a deficit in the current period. Chartered chips are used in Microsoft Corp.'s Xbox 360 game consoles. The company raised $300 million in April by selling shares to existing investors. Chartered slashed staff strength and cut overtime work to curtail costs.
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