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Chipmaker Intel said to be planning debut European bond offering

Intel Corp is planning to sell its first bonds in Europe, according to a person familiar with the matter. 

PHOTO: REUTERS

JUN 2, 20156:39 PM

[LONDON] Intel Corp is planning to sell its first bonds in Europe, according to a person familiar with the matter.

The world's largest chipmaker plans to sell notes in euros, pounds, or both, said the person, who asked not to be identified because they're not authorized to speak publicly.

Barclays Plc and JPMorgan Chase & Co are arranging investor meetings from Wednesday, the person said.

Intel, which on Monday agreed to buy Altera Corp for US$16.7 billion, is the latest American firm planning to raise funds in Europe, where it remains cheaper to borrow than in the US Companies including Coca-Cola Inc and McDonald's Corp have sold a record 64.5 billion euros (S$95.47 billion) in bonds this year, according to data compiled by Bloomberg.

Officials at Santa Clara, California-based Intel couldn't be reached for comment on the sale outside office hours.

XPO Logistics Inc announced plans on Monday to sell US$2 billion of bonds, including its first notes in pounds and euros. Mohawk Industries Inc. is selling euro bonds, its first offering in the single currency, according to a separate person familiar with the matter.

The average yield on the euro bonds of investment-grade companies is 1.10 per cent and 3.10 per cent for those denominated in pounds, Bank of America Merrill Lynch data show. That compares with 3.17 per cent for similarly rated dollar- denominated securities, according to the data.

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Indian automaker Mahindra to fit Google's Android technology in SUVs

Mahindra & Mahindra Ltd, India's top-selling utility vehicle maker, plans to offer Google Inc's Android Auto technology in its vehicles, a top company executive said in a statement on Tuesday. 

PHOTO: BLOOMBERG

JUN 2, 20159:55 PM

[NEW DELHI] Mahindra & Mahindra Ltd, India's top-selling utility vehicle maker, plans to offer Google Inc's Android Auto technology in its vehicles, a top company executive said in a statement on Tuesday.

The technology, which links smart phones and tablets with an in-vehicle infotainment system, will be available in Mahindra's sports utility vehicles XUV 500 and Scorpio as well as future platforms, said Pravin Shah, president and CEO, automotive unit.

Mr Shah said it would be made available after "successful integration", without committing to a timeline.

Android Auto, an extension of Google's smart phone operating system, is expected to make driving safer and easier by allowing drivers to access applications like maps through voice command or by using controls on the steering wheel.

The company, part of the $17 billion Mahindra Group, also said it has become a member of the Open Automotive Alliance (OAA), a global group of automakers and technology companies working to bringing the Android platform to cars.

Automakers such as Ford Motor Co, Honda Motor Co , Renault SA and Volkswagen AG are part of the alliance which also includes Google, Delphi and LG among others.

REUTERS