GlobalFoundries Inc., a chipmaker owned by an investment arm of the Abu Dhabi government, is sticking with its plan for an initial public offering next year, according to Chief Executive Officer Tom Caulfield.
Reports that GlobalFoundries is the subject of a takeover bid by Intel Corp. are speculation, he said.
“There’s nothing there in that discussion,” Caulfield said Monday in an interview with Bloomberg Television. Because the chipmaker is moving toward a share sale, “you can expect a lot of speculation to take place,” he said.
Intel has studied the feasibility of buying U.S.-based GlobalFoundries, people familiar with the matter said last week, asking not to be identified because deliberations are private. But no formal takeover approach has been made to GlobalFoundries owner Mubadala Investment Co. and the two sides are not engaged in active talks, the people said.