The dark satanic rumour mill has manufactured a hell on earth yarn that claims Mubadala Development talking with potential buyers for all or part of Globalfoundries.

If you are in the market for a chipmaking company then the price tag for GloFlo is $15 to $20 billion after all since it was spun off it has only had one careful owner who never really let it out of the garage.

In the good old days, Abu Dhabi had visions of having its own chip empire when the Middle East Oil runs out, but now it looks like the drop in oil prices have hit the country rather hard. Oil has been trading at just over $40 per barrel during 2015 while it was in excess of $100 per barrel from 2010 to 2014.

Plans to build a wafer fab in Abu Dhabi seem to have gone on permanent hold.

The most likely buyer is Hua Capital Management, which looks after China's national IC investment fund. Executives have apparently been locked in rooms with Mubadala executives for some time now. China wants to lose its dependence on foreign chipmakers.