Intel says it is planning to seek a separate stock market listing for Mobileye, its driver-assistance and autonomous vehicle unit, as it looks for ways to shore up its battered stock price under chief executive Pat Gelsinger.
The US chipmaker said the listing was to “unlock value” for its shareholders, but that it would retain majority control of the division, which has been a small but fast-growing part of its expanding range of chip businesses in recent years.
The decision follows a steady slide in Intel’s shares in recent months, bucking a strong rally among its main rivals, as Wall Street has lost confidence in Gelsinger’s ability to mount a fast turnround for its core PC and server chip businesses.
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