TAIPEI, June 19 (Reuters) - The world's No.3 contract chipmaker United Microelectronics Corp said on Wednesday it planned to invest up to $300 million in merger and acquisitions in Asia to strengthen its growth in the foundry market.
UMC chief financial officer Chitung Liu told Reuters the company was still looking for a target.
"Our goal is to strengthen the company's growth in the foundry market, and accelerate developing new markets and new customers," UMC said in the statement.
Banking sources have told Reuters last year that UMC was one of the potential buyers of debt-laden local peer ProMOS Technologies Inc, who in the end sold its machines in the 12-inch wafer fab to U.S.-based GlobalFoundries for $300 million in March. ($1 = 29.9090 Taiwan dollars) (Reporting by Clare Jim; Editing by Jeremy Laurence)