Intel has cancelled its plans to buy Israeli foundry Tower Semiconductor after the deal failed to get approval from Chinese regulators ahead of a final deadline amid souring Sino-US relations.
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.
With Taiwan's chip plants rigged in case of invasion, the US and EU building plants, and Japan not sharing, not sure how anyone could think China is doing anything beyond protecting its own production capabilities.