China crushes US giant Intel’s acquisition of Israeli Tower Semiconductor
China crushes US giant Intel’s acquisition of Israeli Tower Semiconductor
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.
It's pay walled but how would China enforce that ruling? Ban all of Intel's transactions with Chinese entity? Fines?
Other sources:
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.
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
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.
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.
I really doubt China did this for any reason besides their own national security.
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.