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Intel will terminate a $5.4 billion deal to acquire Israeli chip manufacturer Tower Semiconductor after China failed to sign off on the deal amid rising tensions with the United States. It was a mutual decision between Intel and Tower, the companies said Wednesday. Intel said that the deal was terminated…
HONG KONG (AP) — A $5.4 billion acquisition of Israeli chip manufacturer by Intel has been called off after China failed to sign off on the deal amid rising tensions with the United States. It was a mutual decision between Intel and Tower Semiconductor, the companies said Wednesday. Intel said that the deal was terminated […]
Intel called off a planned merger with Tower Semiconductor after failing to secure Chinese approval before a deadline set by the companies.
The U.S. semiconductor chip giant said the bid to buy Tower Semiconductor was scrapped “due to the inability to obtain in a timely manner the regulatory approvals required under the
Intel hoped that its acquisition of Tower would expand its manufacturing capacity and open up growth opportunities for the firm in U.S., Israel, Italy and Japan.