STATS ChipPAC attracts US$780m bid from China firm

Singapore

STATS ChipPAC is inching towards the arms of Jiangsu Changjiang Electronics Technology (JCET), with the Chinese buyer proposing on Thursday a muted US$780 million bid for most of the Singapore chipmaker.

But this courtship, already made public earlier this year, has more work ahead. For one thing, the semiconductor firm - which has long been on the selling block - will have to restructure its Taiwanese operations before the sale becomes definitive, regulatory announcements showed.

Given the ongoing restructuring process at STATS ChipPAC's Taiwanese subsidiaries, the sale transaction would not include the two units at this point - which have a separate book value of US$80.9 million in…