Mergers and Acquisitions Rewind: Micron Will Supply LOANS To Elpida, Conoco & Origin DIVEST In Queensland
U.S. firm Micron Technology Inc. (NASDAQ:MU) is set to supply the bankrupt Japanese chip maker Elpida with ¥80 billion, or $1 billion, in loans and debt guarantees if its proposed acquisition of the latter is realized. These funds would be in addition to the ¥200 billion that Micron already expects to spend on the purchase of Elpida.
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ConocoPhillips (NYSE:COP) and Origin Energy Ltd. (OGFGF.PK) hope to divest a $3 billion, 15 percent investment in their $20 billion liquid natural gas project in Queensland. The latter announced in July that it will decrease its stake to 30 percent from 37.5 percent, and Bloomberg now says that ConocoPhillips will do likewise. At the same time, Sinopec (NYSE:SNP) is shelling out some $2.1 billion in order to grow its investment from 15 to 25 percent.
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