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Intel Drops Tower Deal as China Withholds Approval

The $5.4 billion Intel offer for Tower Semiconductor died after China delayed a decision on the transaction

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By Bolaji Ojo

What’s at stake:
Intel’s goal for itself in the foundry business has suffered a setback with China’s rejection of the Tower Semiconductor acquisition. It is a deep wound that should have been anticipated. Now that the inevitable has happened, the question arises: what was Intel’s fallback plan for gaining the edge it had sought from the Tower offer?

Intel Corp. says its acquisition plans for Tower Semiconductor have been cancelled.

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