U.S. ends probe of AMD, Nvidia pricing

U.S. ends probe of chip firms' pricing

Advanced Micro Devices Inc. and Nvidia Corp., the manufacturers of chips that make computer games more realistic, said the Justice Department had closed its probe into their graphics-processor pricing and marketing practices.

The Justice Department began investigating Nvidia and AMD's ATI Technologies Inc. unit in 2006 as part of a price-fixing probe of the industry.

The decision allows AMD and Nvidia to keep challenging Intel Corp. without the risk of monetary penalties or restrictions to their marketing practices.

ACQUISITIONS

Takeover bid for Diebold dropped

United Technologies Corp. dropped its $2.6-billion bid to buy automated teller machine maker Diebold Inc., saying the target company had refused requests for financial information.

United Technologies, which owns Sikorsky Aircraft, Otis elevator and other businesses, made its offer in February in an effort to broaden its security business and expand into China. Diebold rejected the offer immediately.

AUTOS

GM finance unit to limit car loans

GMAC, the consumer finance arm of General Motors Corp., will limit auto loans to customers with credit scores of at least 700, making it harder for some customers to buy a car or truck.

GMAC also raised the rate it charges auto dealers for making loans that aren't part of special incentive programs, the Detroit-based company said. Most loans will be limited to 60 months, according to a letter sent to dealers.

GM to close Michigan plant

The U.S. automotive sales slump worked its way to two Midwestern towns when General Motors Corp. said it would close a Michigan metal stamping plant and stop making sport utility vehicles in Wisconsin by the end of the year.

Workers at the Grand Rapids Metal Center were told that it would close by the end of 2009. The plant employs about 1,340 hourly and 180 salaried workers, a spokesman said.

In Janesville, Wis., workers got the news that SUV production at the plant, with 1,200 employees represented by the United Auto Workers, would end Dec. 23.

APPAREL

Adidas golf unit to buy Ashworth

Golf-inspired sportswear designer Ashworth Inc. said the golf division of Adidas Group would buy the company for about $28.1 million.

The division, called TaylorMade-Adidas Golf Co., will buy the company for $1.90 a share in cash through a tender offer.

The company valued the deal at $72.8 million, which includes the assumption of $46.3 million in debt.

INVESTING

Petters Group in bankruptcy

Investment firm Petters Group Worldwide, owner of a variety of businesses including bankrupt Sun Country Airlines Inc., filed for bankruptcy protection after FBI agents raided its headquarters last month in a $2-billion fraud probe and its assets were frozen.

Douglas A. Kelley, the court-appointed receiver who is now running Minnetonka, Minn.-based Petters, signed the Chapter 11 filing, made Saturday. Founder Tom Petters, accused by U.S. prosecutors of masterminding a fraud at the company, was ordered held without bail by a federal judge Wednesday.

From Times Wire Services