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STMicroelectronics rallies on report of breakup
MILAN |
MILAN Oct 12 (Reuters) - Shares in Europe's top semiconductor maker STMicroelectronics rallied more than 17 percent on Friday after Bloomberg reported the company was evaluating a breakup that may lead to the sale of its struggling mobile phone chip business.
The report mentioned Samsung Electronics as a potential buyer. The sale would allow the company to focus on its semiconductors business, the report said.
Shares in STM were suspended in Milan after the rally and indicated up 11.36 percent.
The company declined to comment on the report of a possible company split.
(Reporting By Valentina Caiazzo, Writing by Lisa Jucca)
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