UBS Doesn't See Private Equity Buyout of SMI, Downgrades

UBS downgrades Semiconductor Manufacturing International (NYSE: SMI) from Neutral to Reduce, saying the company is an unlikely candidate a private equity buyout.

Shares of Semiconductor Manufacturing ramped 22% on Wednesday on rumors the company could be a takeover target.

Semiconductor Manufacturing Intl (SMI) Soars on Takeover Speculation

China's largest chipmaker, Semiconductor Manufacturing International (NYSE: SMI) is higher today on rumors the company is the target of a private equity buyout. The speculation follows November's buyout of Tiwan's Advanced Semiconductor Engineering Inc. (NYSE: ASX) by private equity firm The Carlyle Group.