United Microelectronics Stock Surges 11% On Merger Speculation

(RTTNews) - United Microelectronics Corp. (UMC) is trading at $7.32, up 11.68 percent or $0.76 during Monday's trading, following reports from Reuters that the company is exploring a potential merger with U.S.-based GlobalFoundries.

The stock opened at $6.58 and has traded between $6.56 and $7.87 so far, compared to a previous close of $6.55 on the New York Stock Exchange. Trading volume has surged to 35.03 million shares, significantly above the average of 13.54 million. Its 52-week range stands at $5.61 to $9.00.

According to Nikkei, a combined entity would create a larger U.S.-based semiconductor firm with a global manufacturing footprint, potentially positioning itself as a competitor to Taiwan Semiconductor Manufacturing Co. Neither UMC nor GlobalFoundries have confirmed the reports.