Apple Boosts Stake In UK Chip Designer

LONDON (AP) -- British chip designer Imagination Technologies PLC said Friday that Apple Inc. has raised its stake in the company to 9.5 percent after buying stock on the market and through a share placement made by the company.

Imagination made no comment on the stake increase beyond the requirement that it report the crossing of the 8 percent threshold to the London Stock Exchange.

Apple uses Imagine technology for the graphics in the iPhone and the iPod Touch.

Recent moves by both Apple and U.S. chipmaker Intel Corp. to lift their share holdings in the company -- Intel now has a 16 percent stake -- kicked off takeover speculation, driving Imagination's share price up earlier this week.

However, it succumbed to profit-taking on Friday as no offer emerged, trading down 4.7 percent at 136 pence ($2.24).

More in Industry 4.0