February 18, 2009 AMD gets approval to spin off manufacturing
By LARRY RULISON, Business writer
Last updated: 11:30 a.m., Wednesday, February 18, 2009
Advanced Micro Devices Inc. announced just minutes ago that shareholders have overwhelmingly approved plans to spin off manufacturing.
The positive vote is good news for AMD's plans to build a $4.6 billion computer chip factory in Malta.
Under the terms of the deal, AMD will spin off manufacturing to a joint venture established with an investment fund owned by the Emirate of Abu Dhabi.
Another Abu Dhabi fund will also boost its investment in AMD.
The vote was in doubt because last week when it was originally supposed to take place, AMD had to postpone the vote because not enough shareholders had cast votes.
In shareholder votes, each share held gets one vote. In order for the vote to be official, 50 percent of shares held needed to be voted, but the company only had received 42 percent of the shares last week.
This morning, AMD announced that 50.26 percent of the shares had been voted, meaning the vote could proceed.
