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Taiwan: Stocks rise; Siliconware, Inotera limit up on buyout plans
[TAIPEI] Taiwan stocks rose on Tuesday as Inotera Memories and Siliconware Precision jumped 10 per cent limit up after Micron and Advanced Semiconductor Engineering (ASE) announced plans they are going to buy out the companies, respectively.
The main TAIEX index rose 1.2 per cent to 8,134.70 as of 0107 GMT, after closing at 8,040.16 in the previous session.
Micron offers T$30 per share in a deal worth US$3.2 billion to buy Inotera's remaining shares from its Taiwan partner Nanya Technology Corp.
ASE said on Monday it would raise its stake in smaller rival Siliconware to make it a wholly owned unit in a bid to deflect a Chinese rival's plan to buy into the company.
The electronics subindex rose 1.3 per cent, while the financials subindex gained 0.6 per cent.
The Taiwan dollar firmed T$0.172 to T$32.894 per U.S. dollar.