Elon Musk, Tesla Motors CEO, tells the Reuters Global Tech Summit that he'll talk to politicians who back local car dealers trying to keep Tesla from selling directly to consumers. Video
WASHINGTON - Federal Reserve Chairman Ben Bernanke said on Wednesday the central bank expects to slow the pace of its bond purchases later this year and bring them to a halt around mid-2014, comments that weighed on stocks and pushed bond yields to a 15-month high.
DETROIT - A new company hopes to make the car-buying process easier for consumers and more efficient for dealers by bringing cars to buyers for test drives, avoiding the need to spend hours at a dealership.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.
AMD shareholders OK plant spinoff plan
SAN FRANCISCO |
SAN FRANCISCO (Reuters) - Shareholders of Advanced Micro Devices Inc (AMD.N) have approved its plan to spin off its manufacturing plants into a $5 billion joint venture with an Abu Dhabi firm, the company said on Wednesday.
AMD, hoping to split its operations into chip design and manufacturing arms, planned to spin off its manufacturing plants into a $5 billion joint venture with an affiliate of Mubadala Development Co PJSC.
Under the agreement, Advanced Technology Investment Co, an Abu Dhabi state-owned venture capital firm, will invest $2.1 billion for a 65.8 percent stake of the fully converted stock in the venture. Of that investment, $700 million would go directly to AMD, which will hold the remaining stake.
The transaction is expected to close March 2.
Shares of AMD, a distant rival to Intel Corp (INTC.O) in making microprocessors for personal computers, slid 6.3 percent. In October, AMD announced plans for the spinoff but the vote was delayed last week after failing to obtain the requisite quorum.
(Reporting by Janet Kornblum; Editing by Brian Moss)
- Tweet this
- Share this
- Digg this