STMicro, Intel joint venture financing slashed
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A flash memory joint venture owned by STMicroelectronics  , Intel Corp  and Francisco Partners will get about half the debt financing originally intended and has delayed closing until March 28.
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High-tech bellwether Intel Corp. lowered its financial outlook yesterday, providing the latest sign of the economy's doldrums.
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Antitrust regulators are asking Intel and STMicroelectronics to supply them with more information about their plan to spin off their flash memory unit.
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An ambitious plan to turn  millions of desktop computers into hubs of wireless Internet  access has been shelved after PC makers balked at the price of  the feature, Intel Corp. INTC.O said on Monday.
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Loan cutbacks put dent in Numonyx Intel and STMicroelectronics NV have been forced to delay the merger of their cash-starved flash memory units because of "significant turmoil" in the financial markets.â¦
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Hewlett-Packard Co.  and Intel Corp.  on Wednesday ended their 10-year partnership to co-develop the Itanium chip for server computers, following disappointing sales of the product.
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Intel has slashed prices across the board as it prepares to get behind new processor lines due this autumn. The Itanium server line has seen cuts of over 30 per cent, while prices for Intel&#39;s fastest business
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Intel has slashed prices by up to 35 percent on some of its  Pentium 4 and Itanium processors, bringing down the costs of some desktop and notebook computers by as much as &#36;200.
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Intel Corp  said on Thursday  it will drop out of the One Laptop Per Child project and resign  from the board after the project's board demanded the chipmaker  stop supporting other efforts in emerging markets.
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Hit by turmoil in the debt capital markets, STMicroelectronics, Intel, and Francisco Partners agreed on Wednesday to extend the deadline to launch Numonyx, a flash-memory joint venture between the three companies, to March 28.In a filing with the U.S. Securities and Exchange Commission (SEC), Intel said the parties have re-negotiated the commitment letter which originally called for certain lenders to provide up to U1.55 billion to finance Numonyx.Under the revised financing terms, Geneva-based chip maker STMicroelectronics will provide $364 million to the joint venture with a 48.6 percent stake of Numonyx. Francisco Partners will invest $150 million in exchange for a 6.3 percent equity stake, according to STMicroelectronics.Intel will retain a 45.1 percent ownership in the joint venture but hadn&#39;t calculated its financial commitment, according to an Intel spokesman.Numonyx will also receive a $650 million loan and a $100 million revolving credit facility, according to Intel&#39;s filing with the SEC.The updated agreement provides Numonyx a similar level of net cash with lower indebtedness than originally anticipated, ST Microelectronics said in a release.The three companies originally announced the joint venture on May 22 and said the deal would close in the second half of 2007. Numonyx is aimed at supplying NOR and NAND memory for consumer and industrial products including cell phones, digital cameras, PCs and other equipment.After the deal closes, Numonyx will be the largest supplier of NOR flash memory, STMicroelectronics said in the release.
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U.S. government antitrust regulators have asked Intel Corp. and STMicroelectronics NV to provide more information about theirÂ plan to spin off their flash memory unit into a new company, the vendors said Thursday.
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Intel Corp.  on Thursday said it has scrapped plans to enter the digital television chip business, marking a retreat from a major component of its consumer electronics initiative.
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Intel has abandoned plans to develop a Pentium 4 chip that would have processed computer instructions at speeds of up to 4 GHz per second.
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STOCKS in the United States fell - led by technology shares - after the world&#39;s biggest semiconductor maker Intel cut its revenue forecast because of slowing demand for personal computers and mobile phones.
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Intel Corp. INTC.O on Thursday  cut its third-quarter revenue and profit margin forecast after  demand for both its computer microprocessors and communications  chips weakened beyond expectations. Its stock fell nearly 8  percent.
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Venture capitalist who helped launch the computer maker in 1982 will step down in November.
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Intel Corp.  on Thursday said it has canceled its plan to enter the digital television chip business, marking a major retreat from an initiative that was intended to broaden the computer chip maker's market focus.