Micron's $1.8 billion acquisition boosts Powerchip shares

Shares ⁠of Taiwan's Powerchip Semiconductor Manufacturing Corp ‌rose ‌nearly 10% ‌on Monday after U.S. memory chipmaker Micron Technology said it would buy a fabrication ‌plant ‍from ‍the company.

Micron Technology on Saturday ‌said it had signed a letter of intent to ‍acquire Powerchip's P5 ‍fabrication site ⁠in ⁠Tongluo, Miaoli County, Taiwan, for $1.8 billion in cash.