Business News

Shareholders of chipmaker Chartered approve takeover by Abu Dhabi

Nov 4, 2009, 5:04 GMT

Singapore - Shareholders of Singapore chip-maker Chartered Semiconductor Manufaturing Ltd on Wednesday approved the take-over by Abu Dhabi's state-owned investment company Advanced Technology Investment Company LLC (Atic), the companies said in a statement. The proposal had been approved by 82.56 per cent of the shareholders present and voting in person or by proxy, representing 99.83 per cent of the shares held by shareholders, the statement said. In September, Atic had offered to buy loss-making Chartered Semiconductor for 1.8 billion US dollars in cash in a deal that would allow the new owner to compete with leading chipmakers from Taiwan and to become a major player in the business. Singapore's state-owned investment arm Temasek Holdings currently owns 62 per cent of Chartered's shares.

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