Separately, an AMD executive who will play a prominent role in the spinoff foundry provided details of the new company's strategy, including its initial focus on 65- and 45-nm technology.

Stockholders approved the proposal to issue common stock and warrants to an affiliate of Mubadala Development Company PJSC, paving the way for AMD and the Advanced Technology Investment Co. (ATIC) of Abu Dhabi to create The Foundry Co., AMD (Sunnyvale, Calif.) said.

With the stockholder approval, all closing conditions for the creation of the manufacturing joint venture have been met, and the transaction is expected to close by March 2, AMD said.

Last week, AMD postponed its stockholder meeting and vote on the spinoff so that it could solicit more proxies on the proposal. The proposal needed to be voted on by at least 50 percent of AMD's outstanding shares. As of Feb. 10, only 42 percent had been voted, AMD said.

AMD did not disclose the final voting tally. As of Feb. 10, 97 percent of the votes cast had been in support of the proposal, according to last week's announcement.

AMD announced last October it would split off its manufacturing operations into a foundry joint venture with ATIC.

Under the current plan, AMD will own a 34.2 percent of the Foundry Co. The original plan had been for AMD to own 44 percent of the venture.

By: DocMemory
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