IBM turns down Globalfoundries offer for chip unit

July 27, 2014 6:53 am

IBM’s talks to sell its money-losing chip-manufacturing operations to Globalfoundries Inc. have ended after the two companies failed to agree on terms, Bloomberg has reported, citing people familiar with the process. Globalfoundries, owned by an investment arm of the government of Abu Dhabi, made an offer that was rejected by IBM as too low, said the people.