Altera shares jump on buyout speculation

29 May 2015 | Author: | No comments yet »

Altera Rises in Germany on Report Intel Is Near Bid.

The increase came after the New York Post, citing a source close to the situation, reported that Santa Clara, Ca.-based Intel was close to completing a $15 billion acquisition deal for its smaller rival. If finalized, the deal would be the largest ever for Intel, as the company moves from PC chip sales into fast-growing sectors such as the data center programmable chips produced by Altera, the Post reported. — Reuters US economy likely shrank in first quarter, but fundamentals strong: The US economy likely contracted in the first quarter as it buckled under the weight of unusually heavy snowfalls and a resurgent dollar, but activity since has rebounded modestly.

The main attraction of Altera for Intel, observers say, would likely be its ‘field programmable gate arrays’–integrated circuits that are designed so as to let customers or designers configure them after manufacturing. CNBC reported earlier this month that the two companies had resumed talks about a possible deal, after earlier negotiations had fallen through in April.

The company’s biggest buyout was the Aug. 19, 2010, acquisition of computer security firm McAfee for nearly $8 billion, according to S&P Capital IQ. Shares of Altera, which makes a broad range of low-power programmable chips, rose 8.9 percent to the equivalent of $51.15 in Frankfurt trading as of 11:11 a.m. A slide in the Philippines’ economic growth to its weakest in three years wraps up a slew of dismal data from South-East Asia and adds pressure on governments to unleash some of their fiscal spending firepower, given the limitation of monetary policy now.

After years of low interest rates and cheap money, consumers and companies across much of the region are burdened by weighty debts, making monetary stimulus less effective. Altera rejected an offer of about $54 a share from Santa Clara, California-based Intel last month, people familiar with the negotiations said at the time. — Reuters Failed Japanese budget carrier Skymark Airlines Inc will be seeking court approval for a revival plan despite opposition from its creditors. European jet maker Airbus and aircraft leasing company Intrepid Aviation Ltd have threatened to block Japan’s biggest airline, ANA Holdings, from buying a 16.5% stake in Skymark in a bid to persuade ANA to purchase or lease Airbus jets, sources say.

– Reuters Airbus ponders new A320 output hike: Airbus is leaning toward a new increase in production of its A320 jet, raising the stakes in a battle with Boeing to translate record orders into tangible deliveries, but has yet to decide on the risks of handling unprecedented volumes. — Reuters Fiat Chrysler boss sure of a new merger in the auto industry by 2018: Sergio Marchionne says he expects a new merger in the auto industry by 2018, without confirming reports he proposed a tie-up with General Motors of the United States.

— AFP JPMorgan Chase to cut 5,000 jobs: The US banking giant will cut thousands of jobs in a cost-shaving programme aimed at saving US$5bil through 2017. — AFP Japan posts lacklustre household spending, inflation: Japanese household spending unexpectedly fell in April while inflation and factory output were also lacklustre, a string of official data showed, aggravating concerns about the world’s third largest economy.

Korea industrial output slumps further in April: The country’s industrial output declined for a second straight month in April, reflecting weak exports. — AFP Public Bank co-chairman Thong dies, aged 85: The bank’s chairman Tan Sri Dr Teh Hong Piow said “we are indeed greatly saddened by the loss” of Tan Sri Thong Yaw Hong, who died following a period of illness.

April output index falls: Malaysia’s producer price index (PPI) for April fell 0.4% to 104.4 from 104.8 in March, due to a decline in production index of 0.7% while the import price index rose 0.4%. — StarBiz Malaysia Steel Works (KL) Bhd is unable to release the audited financial statement 2014 and the annual report for the financial year ended Dec 31, 2014. — StarBiz Tanjung Offshore adopts whistle-blowing policy: The company says the policy will provide directors and employees a platform to raise their concerns on any malpractices within the group and that it will strengthen corporate governance within the group. — Bernama Ahmad Zaki Resources net profit falls: The company’s net profit for its first quarter falls 25% to RM2.27mil on lower operating income and increased finance costs, while revenue came in flat at RM153.05mil.

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