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Arm has approached Intel to buy part of its computer chip business as a bidding war looks set to break out.
The British technology firm, which last year snubbed the London stock exchange in favor of listing in New York, has been circling the American company in recent months.
But the Cambridge-based group was told that Intel’s chip division was not for sale, according to reports.
Intel, one of the world’s largest chipmakers, recently announced it would cut 15,000 jobs and eliminate its dividend as it seeks to “resize and refocus” the business.
The stock has plunged nearly 50 percent so far this year.
Preview: Arm has been hanging around the American company in recent months
But analysts have argued that Arm’s latest development could be the start of a battle for the company.
Last week it was reported that Qualcomm was also interested in buying part of the business.
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