Creditors Wrap Up Sale of Hynix Chip Unit to Citigroup
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&quot;All administrative work has been completed to sell Hynix&#39;s non-memory chip unit to Citigroup Venture Equity Partners LP,&quot; Hynix&#39;s primary creditor bank said.
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American Express, which fought for the right to sign deals with banks that issue cards on the Visa and MasterCard networks, said that it won a contract with Citigroup.
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Hynix Semiconductor Inc., the world&#39;s fourth biggest memory chip maker last year, engaged in accounting frauds between 1999 and 2003 that total nearly 2 trillion won, Korea&#39;s financial regulator said yesterday.
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Business News, NEW YORK, Three senior Citigroup Inc. (CN: Quote, Profile, Research) executives are leaving the company, after being found partially responsible for last month&#39;s forced closure of Citigroup&#39;s
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Hewlett-Packard Co. will no longer sell computer workstations using the Intel Itanium chip, which the two giant tech companies worked together to design.
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(InfoWorld) - Koninklijke Philips Electronics has completed the sale of an 80.1 percent stake in its chip division to a group of private investment houses, the company said Saturday. The stake in NXP Semiconductors, theÂ new nameÂ of the chip unit,Â was sold to a groupÂ including Kohlberg Kravis Roberts & Co. (KKR), Silver Lake Partners, and AlpInvest Partners. Philips expects to take in â¬6.4 billion ($8.12 billion) in cash from the sale, after taxes. The European electronics giant will keep a 19.9 percent share of the business. Philips said the deal places the value of NXP at â¬8.3 billion. There have been a number of chip industry deals this year, including aÂ $17.6 billion offer for Freescale SemiconductorÂ last month. In July,Â Intel soldÂ its communications and application processor business to Marvell Technology Group for $600 million, while earlier this year,Â PMC-Sierra acquiredÂ the storage semiconductor business formerly owned by Agilent Technologies for $425 million.
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Microsoft (Quote, Chart) cleared more legal cases off its plate Monday by settling with Novell (Quote, Chart) and the Computer &amp; Communications Industry Association (CCIA) over antitrust and other charges.
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NEW YORK : Citigroup, the world&#39;s biggest financial firm, said it has agreed to buy Texas-based First American Bank for an undisclosed sum.
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The company agreed to sell confidential computer code to rivals at nominal cost, ending a 32-year-old practice of designing closed systems to bolster its competitive edge.
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Hynix is bracing itself for fines, and worse, after Korean regulators found it guilty of a $1.75bn accounting fraud. The Financial Supervisory Service (FSS) says the memory chip overstated results for 1999.
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South Korea's Hynix Semiconductor Inc.  said fourth-quarter profit rose 35 percent to a record high,  beating estimates, on strong sales of computer memory chips,  but forecast steep falls in chip prices.
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German insurers Allianz and Munich Re and German bank Commmerzbank on Wednesday said that they had sold their entire stakes in engineering conglomerate MAN as part of their strategy of reducing their share ...
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Capital One Financial Corp.   said on Friday it completed its $13.2 billion purchase of North  Fork Bancorp Inc., becoming the 11th-largest U.S. banking  company and third-largest retail bank by deposits in the New  York metropolitan area.
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Citigroup wrote off a colossal $18.1 billion on Tuesday and secured new capital as Merrill Lynch, also seen heading for big losses due to the U.S. subprime mortgage meltdown, announced a $6.6 billion shot in the arm.
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Citigroup wrote off a colossal $18.1  billion on Tuesday and secured new capital as Merrill Lynch,  also seen heading for big losses due to the U.S. subprime  mortgage meltdown, announced a $6.6 billion shot in the arm.
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A federal judge Friday approved Citigroup Inc.&#39;s $2.6 billion settlement with WorldCom Inc. investors who lost billions when an accounting scandal plunged the telecommunications company into bankruptcy protection.
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Citigroup Inc.  has all but ended  talks to purchase assets or a stake in stricken hedge fund  manager Amaranth Advisors LLC, a person familiar with the  situation said on Friday, making the chances more remote that  the fund will survive.