Anti-trust and competition authorities have given microprocessing giant Advanced Micro Devices (AMD) the go-ahead to buy Canadian chipset and consumer electronics company ATI Technologies for $5.4 billion.
In an AMD statement yesterday, the companies said the waiting period under the Hart-Scott-Rodino (HSR) Anti-trust Improvements Act of 1976 has expired.
"In addition, the Commissioner of Competition issued an advance ruling certificate in connection with the proposed acquisition under the Canadian Competition Act, and the German Federal Cartel Office likewise has cleared the transaction," it states.
"As a result, the conditions to the acquisition relating to US, Canadian and German anti-trust approvals are now satisfied."
However, the acquisition still requires the formal approval of ATI shareholders, court approval of the plan of arrangement, approval by the Minister of Industry under the Investment Canada Act and prior clearance under competition laws in Taiwan.
"The transaction is expected to be completed during ATI`s first quarter of fiscal 2007, which ends on 30 November 2006," adds the media statement.
A special meeting of ATI shareholders to approve the transaction will be held on 13 October in Toronto, Canada.
"We are pleased to pass through the HSR waiting period and receive clearance from the Canadian Competition Bureau and the German Federal Cartel Office," says AMD chairman and CEO Hector Ruiz. "We look forward to the 13 October ATI shareholder vote and additional regulatory approvals."
Related stories:
AMD buys ATI for $5.4bn
Share
