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China stops clock in review of Intel's planned Tower Semiconductor deal - report

Jan. 12, 2023 11:48 AM ETTower Semiconductor Ltd. (TSEM), INTCBy: Joshua Fineman, SA News Editor25 Comments

Entrance of The Intel Museum in Silicon Valley.

JHVEPhoto/iStock Editorial via Getty Images

  • China's antitrust regulator has suspended the clock in its review of Intel's (NASDAQ:INTC) planned $4.5 billion purchase of Tower Semiconductor (NASDAQ:TSEM).
  • The clock was stopped by China's State Administration for Market Regulation after requests

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Comments (25)

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04 Mar. 2023
Can someone clearly explain why the Chinese are involved in the deal and how?
Is it possible to give up on the Chinese and close the deal between Intel and Tower?
What is the percentage of influence of the Chinese in the tower?
"explain why the Chinese are involved in the deal and how"
No different than all other countries they want to know if the buyout will limit completion inside China.
Companies often promise to keep jobs then shut plants down.
Chian would want commitments to new plant to help prevent this.
Right now INTC may not really have the cash to go through with the deal, they will never say this.
smadadet profile picture
This is yet another example of the unexpected risks of doing business in China. Apple is in worse shape than most companies having 100% of its products controlled in some way by China. Cook should be canned.
Winnertakesall profile picture
The CCP is nothing but trouble.
We'll see if this matters or not. There was some consternation with the Chinese regulators and the Xilinx - AMD merger, and that was approved.
Why does China have a say in the purchase of an Israeli company?
They don't need approval but can sell no INTEL IFS products related to Tower in China if they don't.
98% of the deals are approved but you wait for the process.
ephud profile picture
Why does China have any say in the matter?
@ephud bc they are 2nd economy in the world...India is going to have a say too very soon
SamsSuperCereal profile picture
Yes. "Anti-trust". Rofl.
CCP controls the company, they could not allow releasing control. This isn't anti-trust, its how to maintain control.
Mind Bender profile picture
China's antitrust regulator? That might be the funniest joke in the world.
INTC CEO Pat G rubbing shoulders with Biden and in the past publicly telling suppliers not to source products from Xinjiang won't help their cause. This and the fact that most of China's chip companies have been sanctioned means China won't be reviewing this with any urgency.
@CL73 I could see China holding up some deals like this just to be a pain.
I don't think there is any obvious reason to hold this one up. (little overlap between the businesses)
@CL73 Didn't Intel ask China to stop the clock? I see this as a good thing.
Jason Z profile picture
@CL73 I don't see why the merger of two non-Chinese companies need approval of China at all. What are they going to do? buy AMD instead?
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