Taiwan shares rose 1.25 percent to a seven-year closing high on Thursday, with solar cell maker E-Ton advancing on its plans to acquire US solar power parts maker Adema Technologies. The main TAIEX share index finished 104.33 points higher at 8,450.72, recouping ground it lost on Wednesday. It had risen to a seven-year intraday high of 8,476.13 in early trade.
The electronics sub-index rose 1.67 percent and the financial sub-index gained 1.77 percent. "The E-Ton deal is positive for the market and many tech stocks were up after US shares rebounded," said Kevin Yeh, assistant vice president of Grand Cathay Securities.
Turnover was active at T$147.29 billion ($4.5 billion), increasing from T$130.6 billion in the previous session. Shares of E-Ton Solar Tech Co jumped 6.23 percent after it said on Wednesday it would pay $153.7 million in cash and stock for California-based Adema.
Larger rival Motech Industries rose 0.23 percent after it announced a four-year supply contract with Swiss Wafer AG worth $114 million. Great Wall Enterprises (Taiwan) Co reversed earlier gains to close flat after a source said its subsidiary, animal nutrition products provider Da Chan Group planned to launch a $100 million Hong Kong initial public offering in the third quarter of this year.
AU rose 3.62 percent, Inventec slipped 0.21 percent, Asustek advanced 1.14 percent and Siliconware rose 2.06 percent. Taiwan Semiconductor Manufacturing Co (TSMC), the world's top contract chip maker, gained 1.4 percent and was the third most active stock on the market. Its smaller rival, United Microelectronics Corp (UMC), rose 1.78 percent after its US-listed shares advanced overnight.
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