AMD confirmed this week that its merger with ATI has been approved by Canadian antitrust laws and regulations. Although AMD and ATI had agreed to a merger earlier this year — with AMD buying out all of ATI — the ultimate decision was pending approval from government regulations. However, one more step is still required before the entire deal is complete. On October 13th of this year, a shareholders meeting in Toronto will be held to approve the transaction.
CEO and chairman for AMD Hector Ruiz said “we are pleased to pass through the HSR waiting period and receive clearance from the Canadian Competition Bureau and the German Federal Cartel Office. We look forward to the October 13th ATI shareholder vote and additional regulatory approvals, and to merging the companies to drive growth, innovation and choice for our customers, partners and the industry.”
Because of the ruling under the Canadian Competition Act, conditions that must be satisfied in order for the merger to be complete have now been satisfied under both US law and German law. President and CEO of ATI Dave Orton said “our integration planning is underway and the more closely we get to know the team at AMD, the more excited we are about the opportunities and potential for the combined organization and our customers once the deal is complete.”
Both AMD and ATI are promising unified development by 2008 as most of 2007 will consist primarily of the two companies learning how to work with each other. There will also be a number of job overlap and while Ruiz has specifically said he doesn’t expect that there would be mass layoffs, it would not be unrealistic to expect some layoffs.
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