Intel invests more in Imagination Tech

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Intel has bought a further 25 million shares in UK based chip company Imagination Technologies Group, sending the latter's share prices soaring.

Shares in the group leapt by 16 per cent, according to a report from Reuters.

Intel claims to have bought the shares for "strategic reasons."

Intel now holds a total of 31,970,422 shares, or 13.99 per cent of voting rights, of Imagination but claims not to have interest in acquiring the company as a whole.

A statement from Intel said: "Whilst Intel Corporation will continue to consider its options in relation to its holding in Imagination Technologies Group plc, for the purposes of Rule 2.8 of the City Code on Takeovers and Mergers (the "City Code"), it confirms that it has no current intention to make an offer for Imagination Technologies Group plc."

Imagination Technologies has its headquarters in Kings Langley

Hertfordshire, with research and development centres in Chepstow, Leeds and India.

Jennifer Scott

Jennifer Scott is a former freelance journalist and currently political reporter for Sky News. She has a varied writing history, having started her career at Dennis Publishing, working in various roles across its business technology titles, including ITPro. Jennifer has specialised in a number of areas over the years and has produced a wealth of content for ITPro, focusing largely on data storage, networking, cloud computing, and telecommunications.

Most recently Jennifer has turned her skills to the political sphere and broadcast journalism, where she has worked for the BBC as a political reporter, before moving to Sky News.