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Print 14 comment(s) - last by TomZ.. on Sep 8 at 6:05 PM

Now awaiting approval from ATI shareholders

AMD confirmed this week that its merger with ATI has been approved by Canadian antitrust laws and regulations. Although AMD and ATI had agreed to a merger earlier this year -- with AMD buying out all of ATI -- the ultimate decision was pending approval from government regulations. However, one more step is still required before the entire deal is complete. On October 13th of this year, a shareholders meeting in Toronto will be held to approve the transaction.

CEO and chairman for AMD Hector Ruiz said "we are pleased to pass through the HSR waiting period and receive clearance from the Canadian Competition Bureau and the German Federal Cartel Office. We look forward to the October 13th ATI shareholder vote and additional regulatory approvals, and to merging the companies to drive growth, innovation and choice for our customers, partners and the industry."

Because of the ruling under the Canadian Competition Act, conditions that must be satisfied in order for the merger to be complete have now been satisfied under both US law and German law. President and CEO of ATI Dave Orton said "our integration planning is underway and the more closely we get to know the team at AMD, the more excited we are about the opportunities and potential for the combined organization and our customers once the deal is complete."

Both AMD and ATI are promising unified development by 2008 as most of 2007 will consist primarily of the two companies learning how to work with each other. There will also be a number of job overlap and while Ruiz has specifically said he doesn't expect that there would be mass layoffs, it would not be unrealistic to expect some layoffs.



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RE: Eh..........
By bob661 on 9/7/2006 2:11:26 PM , Rating: -1
AMD is German dude.


RE: Eh..........
By Master Kenobi (blog) on 9/7/2006 2:12:51 PM , Rating: 2
Ah, now it all makes sense. I was under the impression they were based in the US.


RE: Eh..........
By TomZ on 9/7/2006 2:13:41 PM , Rating: 2
Good grief, AMD is an American company, based in Sunnyvale, CA.

Please get your facts straight before you post!

http://www.amd.com/us-en/Corporate/AboutAMD/0,,51_...


RE: Eh..........
By cozappz on 9/7/2006 2:15:33 PM , Rating: 2
AMD is USA-based company but it has operations(fabs) running in Germany. ATI is Canadian-based company. So, USA + Germany for AMD and Canada for ATI


RE: Eh..........
By Master Kenobi (blog) on 9/7/2006 2:23:11 PM , Rating: 2
Ah TomZ, atleast someone here with some credibility. Alright then back to my original question, since they are based in the US, why the heck don't they need SEC approval for the merger, last time I checked thats a requirement for all US companies.


RE: Eh..........
By OrSin on 9/7/2006 2:32:18 PM , Rating: 2
They dont need approval because its not a merger. AMD is buying ATI. The SEC don't care if a company here buys a overseas company. They would care if ATI was a US company or if forming this company would create a monopoly. Since niether one is the case they need no approval.


RE: Eh..........
By TomZ on 9/7/2006 2:36:39 PM , Rating: 2
You may be right, but SEC doesn't concern itself with monopolies - that is the domain of the DOJ.


RE: Eh..........
By mendocinosummit on 9/7/2006 2:14:48 PM , Rating: 2
Didn't they file in Germany, but they are based in the US?


RE: Eh..........
By tsxboi on 9/7/2006 4:16:24 PM , Rating: 2
That's weird, I SWEAR that's the AMD headquarters building outside my window.

*I work in Sunnyvale, what a coincidence* I also live half a mile from Apple's headquarters in Cupertino, how cool is that.


RE: Eh..........
By mendocinosummit on 9/7/2006 5:15:26 PM , Rating: 2
expensive


RE: Eh..........
By OvErHeAtInG on 9/7/2006 9:22:44 PM , Rating: 2
Well you pretty much have to file in whatever states you have operations... right


RE: Eh..........
By TomZ on 9/8/2006 6:05:40 PM , Rating: 2
Not necessarily. For example, suppose Wal-Mart were to acquire another company. Do you think they would have to file for government approval for the transactions in all the countries, states, etc. where they do business?


RE: Eh..........
By maverick502 on 9/7/2006 2:15:09 PM , Rating: 2
German, are you joking?


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