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SanDisk may increase stake in Israel's Tower-paper

Sun Jul 22, 2007 2:59am EDT

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JERUSALEM, July 22 (Reuters) - Flash memory maker SanDisk Corp. (SNDK.O) is in talks to buy an additional stake in Israeli chip manufacturer Tower Semiconductor (TSEM.TA) at a market value of $400 million, the Business Post reported on Sunday.

Mergers & Acquisitions

SanDisk is interested in buying Israel Corp's (ILCO.TA) 11.5 percent stake in Tower (TSEM.O), which would increase its stake to 24 percent, the paper said.

Tower and SanDisk officials were not immediately available for comment.

In November SanDisk, which is Tower's largest customer, acquired Israel's Msystems FLSH.O in an all-share transaction valued at $1.5 billion.

In December Tower appointed as its chairman Dov Moran, who co-founded flash memory maker Msystems and served as the company's president, chief executive officer and chairman between 1989 and 1996.

California-based SanDisk makes flash memory for cell phones and digital cameras.

Mergers & Acquisitions


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