China blocks Intel’s $5.4B merger with Tower Semiconductor

Intel terminates $5.4 billion deal with Tower Semiconductor due to lack of regulatory approval in China.

Key points:

1. Intel officially announced the termination of the deal with Tower Semiconductor.
2. The deal was expected to help Intel become the second-largest global external foundry.
3. Chinese officials did not provide timely regulatory approval, leading to the termination of the deal.