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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World China chip maker to pay $200 mln to settle TSMC claims AFP - Wednesday, November 11 Send IM Story Print China chip maker to pay $200 mln to settle TSMC claims TAIPEI (AFP) - – Taiwan Semiconductor Manufacturing Co (TSMC) said Tuesday China's top chip maker will pay it 200 million US dollars cash after they settled a long-running dispute over alleged theft of trade secrets. The Shanghai-based Semiconductor Manufacturing International Corp (SMIC), also agreed to provide "TSMC with other valuable consideration," TSMC said in a statement, without providing details. SMIC said in a statement in Hong Kong it would pay TSMC 15 million dollars and a further 185 million dollars in instalments over four years through 2013, Dow Jones Newswires reported. SMIC will issue 1.79 billion new shares to TSMC with a value of 1.30 Hong Kong dollars each, and a warrant for another 695.9 million SMIC shares. TSMC's stake in SMIC would be about 10 percent if it exercised the warrant. The settlement appeared to put an end to the row, which started in 2006 when TSMC said its Chinese rival had caused it more than one billion dollars in damages. "Pursuant to the new settlement, the parties have agreed to the entry of a stipulated judgment in favour of TSMC in the California action," TSMC, the world's largest contract microchip maker, said in a statement. "The settlement figure may looks small to a big company like TSMC, but what is more important to it is that the further consolidation of the company's leadership in the industry," an analyst of TLG Asset Management, who requested anonymity, told AFP. TSMC's US unit filed a suit in 2006, alleging that the Chinese company had used its trade secrets and breached a patent agreement reached in 2005. "Under the new settlement agreement and the related stipulated judgment, SMIC has agreed to make cash payments to TSMC totalling 200 million US dollars," TSMC said. The company did not provide details of the litigation, but it said the firms had also agreed to terminate the 2005 cross-licensing agreement. "We are pleased to have amicably resolved all of our pending litigation with SMIC in California and Beijing and to have fully protected TSMC's valuable trade secrets and technologies," TSMC chairman Morris Chang said. "We believe the settlement serves the best interests of TSMC and our shareholders." Chang's remarks came hours after Richard Chang, who used to be Morris Chang's main rival while in Taiwan, stepped down as chief executive and president of SMIC, the firm said in a statement on its website. It said Richard Chang resigned to pursue personal interests and gave no further explanation for his decision. Recommend Send IM Story Print Related Articles FOREX-Dollar off 15-month low as market pauses for breath Reuters - 2 hours 38 minutes ago Irishman wins euro46,000 after island home disappears AP - 2 hours 45 minutes ago Settlement reached to clean Idaho superfund site AP - 2 hours 48 minutes ago Fluor shares fall after weaker 3Q earnings report AP - 2 hours 51 minutes ago Tw telecom shares jump after JPMorgan upgrade AP - 2 hours 55 minutes ago News Search Top Stories Emerging markets to spearhead recovery: HSBC British bank Lloyds says to cut 5,000 jobs Maclaren buggies recalled in US over 'lost fingers' Barclays says profits slump as bad debts mount Google buys mobile ad firm in 750-mln-dollar deal More Top Stories » Related Full Coverage China Economychina economy All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended Britney 'upset' over Aussie lip-synching row: promoter Kraft Foods launches hostile Cadbury bid Google buys mobile ad firm in 750-mln-dollar deal Maclaren buggies recalled in US over 'lost fingers' Women deprived of health care at key times in life: WHO More Most Viewed » Somali centenarian weds 17-year-old Mobile phone giant Nokia sues Apple over patents Fibre may keep asthma, diabetes at bay, study finds More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos Copyright © 2009 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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