SAN FRANCISCO—Chip vendor STMicroelectronics NV Thursday (Nov. 15) issued a statement strongly denying the company is splitting up after an international news service reported that there was a proposal on the table to split the company up.
ST (Geneva) said it strongly denied the existence of a project would could "compromise the unity of the company" in a statement.
"Also, such a project has never been presented to the ST supervisory board," the statement read. "There is full alignment between the management of the company and the supervisory board of directors."
The Bloomberg news service reported Thursday that ST wouldprobably decide against splitting itself up after disagreements between French and Italian executives over a breakup proposal. According to Bloomberg, the break up proposal under consideration would have split ST between its analog and digital businesses.
Bloomberg, citing unnamed sources, said the proposal would likely be shelved in favor of small asset sales.
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