GlobalFoundries rises on $21 billion Japan investment for chip factories

By Reuters News

** Shares of chip company GlobalFoundries GFS.O rise 5.1% to $49.50 premarket

** Japan to invest up to $21 bln in two New York chip factories, to be jointly owned by US govt and Japanese interests and operated by GFS

** The US to take a stake, but Japan to provide all investment capital

** In a separate deal, the US govt to take 4% stake in GlobalFoundries, bringing its total ownership of the chipmaker to ~7%

** Up to last close, stock had risen 33.7% YTD

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