ATI saying no comment to a possible AMD takeover doesn't make it a done deal. Far from it.
There are many reasons why AMD would not merge with ATI and many have already been mentioned. One for instance is ATI's close relationship with Intel after Intel agreed to allow some ATI chipsets to be branded under the Intel banner. The other, is ATI's relatively indifferent attitude toward AMD after AMD gave nVidia exclusive rights to their own 4x4 platform.
A great example of my points is here:
http://www.theinquirer.net/default.aspx?article=32915
It is an Intel-only chipset and there are no signs of an equivalent PCIe 16x3 chipset for AMD. ATI wants to focus on Intel and wants to be early on the Conroe bandwagon so it can make some extra money.
Essentially, now that AMD has given nVidia their 4x4 platform, ATI is partnering with Intel to offer their own exclusive 16x3 platform. (Well, the marketing people are definitely working full out with these concepts.) It doesn't make sense for ATI to devote themselves to Intel while working on a contract with AMD. Certainly, Intel would never allow ATI to get this close to them if ATI was working behind their back. The fact that ATI is focusing on Intel also doesn't make a good starting place of mutual understanding for acquisition negotiations with AMD.
its 2012
AMD/ATI introduced ATHLON K10+ line
12 core top models has built in quad core Radeon x6000x GPU
8 core has dual core'd radeon x6000
8 core had dual core's radeon x5000
4 core has 1 radeon x6000
4 core has 1 radeon x5000
Furthermore, this type of scenario with GPUs "built-in" to your CPU is completely ridiculous. There is no way you can offer a wide enough product matrix with combinations of CPU and GPU power as you can when the two are separate. Secondly, if that was really AMD's plan no one would ever agree to it. ATI would be completely reliant on AMD since cooperation is out of the picture and nVidia would never work with AMD again since they are completely cut out from the market. This on top of the fact that the thermals for such and integrated CPU/GPU solution would be through the roof regardless of what magical process you are on. This type of bundling is also anti-competitive just as Microsoft bundling Internet Explorer with their OS is frowned upon.
Regardless, I cannot support any sort of CPU-GPU merger or acquisition. It doesn't matter who partners with who, all it'll serve is to split the market into camps say the AMD-ATI camp against the Intel-nVidia camp. Dividing the market destroys consumer choice and limits free competition and the survivability of the market in general. These recent platformization campaigns and AMD's lawsuit are already pooling people into camps and I can't say I like it.