World News

31894 readers

485 users here now

News from around the world!

Rules:

Please only post links to actual news sources, no tabloid sites, etc
No NSFW content
No hate speech, bigotry, propaganda, etc

founded 4 years ago

MODERATORS

[email protected]

China crushes US giant Intel’s acquisition of Israeli Tower Semiconductor (www.scmp.com)

submitted 1 year ago by [email protected] to c/[email protected]

6 comments fedilink hide all child comments

you are viewing a single comment's thread
view the rest of the comments

[–] [email protected] 11 points 1 year ago (1 children)

It's pay walled but how would China enforce that ruling? Ban all of Intel's transactions with Chinese entity? Fines?

[–] [email protected] 12 points 1 year ago* (last edited 1 year ago) (1 children)

Other sources:

https://apnews.com/article/intel-tower-semiconductors-china-regulators-104796a6602e8eef533f07c6af0f7d6b

Intel said that the deal was terminated “due to the inability to obtain in a timely manner the regulatory approvals required under the merger agreement.”

The deal required approval from a number of regulators worldwide, including those in China. Chinese regulators failed to approve the deal by a deadline Wednesday, even after Intel CEO Patrick Gelsinger traveled to China last month in a bid to win them over.

https://www.reuters.com/technology/intel-walk-away-54-bln-acquisition-tower-semiconductor-sources-2023-08-16/

I'm not sure as the why as I don't see a Tower Semiconductor foundry in China

https://en.m.wikipedia.org/wiki/List_of_semiconductor_fabrication_plants

Edit: They have an office in China

https://www.nytimes.com/2023/08/16/business/intel-tower-semiconductor-china.html

Also

https://towersemi.com/about/history/

[–] [email protected] 6 points 1 year ago

So what I'm getting from this is that any time Chinese officials are involved, they will prioritize Chinese interests. A surprise to to no one really.