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Technology Stocks : Semi Equipment Analysis
SOXX 299.81+2.7%4:00 PM EST
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Donald Wennerstrom
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From: Sam2/19/2015 12:06:45 PM
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AMAT +4.7%; Korean regulators approve Tokyo Electron deal


Feb 19 2015, 11:54 ET | By: Eric Jhonsa, SA News Editor


  • South Korea's Fair Trade Commission plans to conditionally approve Applied Materials' (NASDAQ: AMAT) merger with Tokyo Electron ( OTCPK:TOELF +5%). The regulator adds it's talking with peers in six countries (inc. the U.S. and Japan) to nail down details for approving a deal.
  • A government official says Applied/Tokyo have agreed "not to launch combined chemical vapor deposition (CVD) and atomic layer deposition (ALD) businesses in Korea," and to also "establish new entities for fair competition, if necessary."
  • The announcement comes after Samsung and SK Hynix had voiced objections to the deal, which stands to create a colossus possessing ~25% of the global chip equipment market. The DOJ was reported in December to be vetting a buyer for assets Applied/Tokyo plan to divest to win U.S. regulatory approval.
  • Separately, Applied has filed proxy materials for its 2015 annual meeting (set for April 2). The company discloses CEO Gary Dickerson's compensation rose 59% in 2014 to $16.4M, thanks in part to a cash grant meant to avoid an excise tax that would apply to stock option awards following the closing of the Tokyo Electron deal.
[Note: I think Japan still has to approve it, don't they? Has the EU already approved it as well? Pretty sure they haven't. I should be more up on this issue, but memory fails sometimes....]
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