AbuDhabi's ATIC eyes full Globalfoundries ownership
MUNICH Jan 20 (Reuters) - AbuDhabi's ATIC has filed an application with Germany's cartel office to take over Globalfoundries, a contract chipmaking venture it established with Advanced Micro Devices (AMD.N) last year.
The Advanced Technology Investment Co. (ATIC) filed the application on Jan 12 according to the cartel office website.
"This action is simply consistent with the long-announced plan for AMD to gradually become fab-less, which was one of the key strategies behind the creation of Globalfoundries," Atic said.
"Fab-less" is the industry term used when semiconductor makers design their own products but outsource their manufacture.
AMD spun off its semiconductor manufacturing arm into the joint venture GlobalFoundries, which started operations in March 2009 and has a plant in Dresden, in eastern Germany, as well as Saratoga, New York.
Chief Executive Doug Grose told Reuters last week that AMD will reduce its stake in the company over time and continue to focus on chip design. [ID:nN12123697]
ATIC invested $2.1 billion for a 65.8 percent stake of the venture. Of that, $700 million went directly to AMD, which holds the remaining stake.
AMD is due to report on its fourth-quarter earnings on Jan 21.
(Reporting by Jens Hack in Munich and Ian Sheer in San Francisco. Writing by Nicola Leske; editing by Elaine Hardcastle)