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IBM said to have offered GF cash to take over chip unit

International Business Machines Corp. was willing to pay Globalfoundries Inc. to take on IBM’s money-losing chip-manufacturing operations, according to a person familiar with the process.

IBM was offering about $1 billion to persuade Globalfoundries to take the unit, said the person, who asked not to be identified because the negotiations were private. Globalfoundries wanted to be paid about $2 billion, enough to offset the division’s losses, the person said.

http://www.bloomberg.com/news/2014-08-04/ibm-said-to-have-offered-gf-cash-to-take-over-chip-unit.html