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The Guardian - UK
The Guardian - UK
Business
Nick Fletcher

Intel raises stake in UK chip group Imagination

Semiconductor group Imagination Technologies has climbed 3p to 113p on news that US giant Intel has bought more shares in the business.

Intel has increased its stake to 16.02% by buying nearly 5m shares, a week after snapping up 25m shares to take its shareholding to 13%. This buying came as troubled Saudi group Saad - whose accounts have been frozen by the Saudi central bank - cut back its stake in Imagination.

Intel licenses the company's graphics and video designs for use in its PC, mobile computing and consumer products. But it is not the only tech giant interested in the business. Apple also holds a 3.6% stake, which it bought at 39p a share.

Also today, analysts at Jefferies International raised their rating on Imagination from underperform to hold. They said:

"We see the upcoming results together with Intel stake building and gathering iPhone newsflow as support for Imagination's growth."

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