NYSE:UMC - New York Stock Exchange, Inc. - US9108734057 - ADR - Currency: USD
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United Microelectronics, or UMC, reported Q1 results with 5.9% revenue growth, missing estimates. Earnings per ADS also missed.
TAIPEI (Reuters) -Taiwanese chipmaker United Microelectronics Corp (UMC) said on Wednesday that there was currently no ongoing merger activity, following reports the company and U.S.-based GlobalFoundries are considering a tie-up. UMC and GlobalFoundries are looking into whether to merge, two sources familiar with the matter told Reuters last month. Asked about the reports on an earnings call, UMC Chief Financial Officer Chitung Liu said he did not want to comment on what he called market rumours, given such major news would have to come from an "official announcement".
If realised, the combined entity would establish a larger, US-based company with production capabilities spanning Asia, the US and Europe.
BofA flagged that GlobalFoundries’ primary value add compared to its peers is its lack of exposure to China and Taiwan, which "might be negated" by a merger.
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According to a report by Nikkie Asia, a merger between GlobalFoundries and UMC would create a larger, U.S.-based semiconductor firm with manufacturing capabilities spanning the U.S., Europe, and Asia.
Taiwan's major chipmaker United Microelectronics and U.S.-based GlobalFoundries are looking into the possibility of a merger, two sources familiar with the matter told Reuters on Monday. A combined company would establish a larger U.S.-based firm with a global manufacturing footprint spanning Asia, the United States and Europe. The potential deal comes as the U.S. seeks to strengthen its semiconductor supply chain amid rising geopolitical tensions in the Taiwan Strait and increasing competition from China in the mature chip market.
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