Analysts concerned by chip inventory buildup

Market watcher iSuppli said surplus chip inventories in the semiconductor supply chain at the end of Q2 amounted to $827 million, up by $12 million from Q1. The firm said chip customers began canceling orders in June, but that suppliers only marginally decreased utilization. As a result, chip prices should reduce during Q3 as suppliers sell off their stockpiles. Merrill Lynch also issued a note that said it expects semiconductor companies to have overestimated demand for Q3.

(August 4, 2004) Singapore&#8212ST Assembly Test Services Ltd. (STATS) announced today that all of the shareholder resolutions proposed by STATS at its general meeting of shareholders held on August 4, 2004 were approved by STATS shareholders, including the resolutions related to the merger with ChipPAC, Inc.

Although the resolutions of STATS necessary to consummate the merger have been approved by STATS shareholders, the merger involving STATS and ChipPAC also requires the approval of ChipPAC stockholders, which is being sought by ChipPAC at the special meeting of ChipPAC stockholders to be held on August 4 at 9:00 a.m. (Pacific time).


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