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GlobalFoundries Says IBM Demanding $2.5 Billion as IPO Nears

  • GlobalFoundries asks court to find it didn’t breach agreement
  • IBM paid GlobalFoundries $1.5 billion to acquire unit
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GlobalFoundries Inc. asked a judge to rule that it doesn’t owe $2.5 billion to International Business Machines Corp. over a 2014 deal in which the semi-conductor maker agreed to take an unprofitable chip-manufacturing unit off IBM’s hands.

In a complaint filed Monday in New York Supreme Court, GlobalFoundries is seeking a declaratory judgment that it didn’t breach the agreement and said IBM is threatening to sue. The suit comes as GlobalFoundries works with banks on an initial public offering that could value the chipmaker at about $30 billion.