Abu Dhabi buys stake in US technology company

16 November 2007
Abu Dhabi's Mubadala Development Company has bought a stake in US technology company Advanced Micro Devices (AMD).

Mubadala, which is owned by the Abu Dhabi government, is thought to have bought a 8.1 per cent shareholding, although it is not clear how much it has paid for its stake.
A day earlier, on 15 November, AMD released a statement to the stock market saying it was preparing to sell $700m of shares. The funds were to be used for general corporate purposes.
"We have already bought the stake," Mubadala's chief operating officer Waleed al-Muhairi, was quoted as saying by Reuters on 16 November.
The California-based company’s shares closed at $12.70 a share at the end of trading on the New York Stock Exchange on 15 November. At that price an 8.1 per cent stake would have cost $570m.
AMD is the world’s second largest maker of computer processors. It develops microprocessors for personal computers as well as other products for consumer electronic devices such as mobile phones, digital televisions and game consoles.

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