Seagate: No Buyout Offer from Chinese Company

Contrary to previous reports, Seagate Technology has announced the world's largest disk drive maker has not received an offer to be acquired by any foreign or domestic company and that it is not for sale. An August 25 report in The New York Times had kindled speculation that a Chinese IT company had been interested in acquiring the Scotts Valley, California-based hard drive manufacturer, which currently controls about 30% of the world market.

"Seagate CEO Bill Watkins told the New York Times that he was aware of growing interest in disk drive technology from companies located in China, Korea and Japan. All of which are working in concert with their governments and have made disk drive storage a national agenda, and that in light of this, there were important public policy considerations that the United States government should be thinking about. Just to be clear, Seagate has not received such an offer, and we are not trying to sell the company," said Seagate spokesperson Michael Hall.

News source: eWeek

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