c/worldnews · by Fissionami@lemmy.ml · 2y

China crushes US giant Intel’s acquisition of Israeli Tower Semiconductor

https://www.scmp.com/tech/tech-war/article/3231304/intel-ends-deal-buy-tower-semiconductor-after-failure-gain-chinese-regulatory-approval

40 points · 6 comments · view on lemmy.world

6 Comments

pec@sh.itjust.works · 11 pts · 2y (2 replies)

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

LordOfTheChia@lemmy.world · 12 pts · 2y (1 reply)

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/

Cannibal_MoshpitV3@lemmy.world · 8 pts · 2y

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.

Trudge@lemmygrad.ml · 3 pts · 2y (2 replies)

Good on Chinese regulators for shutting it down. Someone has to be the adult in the room and say no to all the rampant M&A happening worldwide.

Bipta@kbin.social · 8 pts · 2y (1 reply)

I really doubt China did this for any reason besides their own national security.

Fazoo@lemmy.ml · 3 pts · 2y

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.