I agree that such a deal could face too many political hurdles to be viable given the US gov't investments in New York and IBM's military business, but IBM might surprise us and make the rumors come true.
Just more idle speculation from poseurs in a country ( ARM included ) with not much skin or credibility in semiconductor technology or business.
For the last 10 years or so IBM's tactic of amortizing its semiconductor R&D expenses by licensing its process technology first to AMD and then newbies like Samsung & the Foundries that cater to ARM licensees has been a pain in the neck for Intel. If IBM was really in the market to cash out of its semiconductor activity and its still considerable R&D and IP goodies then Intel would probably outbid Abu Dhabi to acquire it. Would be more effective than even finFET and the US Govt. would be happy to see IBM technology stay within the US ( Intel still builds its leading Fabs in the US in order to slow down IP theft ).
IBM will never sell Chip business 100%. It is our National interest. Which country we can trust. These business people can say anything but we have $1T defense budget. Do you think we should sell DoD because it is not profitable? Oracle will not buy Sun. Why Sun? Ask these questions.
I do know that IBM is a foundry supplier of chips. But it is in fact relatively small lying just behind TowerJazz in a 2011 ranking.
As to its role producing processors for games consoles I could argue that is largely historical and will diminish going forward.