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After the deadline to get China's approval passed, Intel and Tower called off their acquisition. It's likely a negative for both parties.

Intel agreed to acquire Tower Semiconductor in early 2022, but the deal has been terminated. This is a setback for Intel, but the company is still on track to become a major force in the foundry business.

MIGDAL HAEMEK, Israel, August 17, 2023 – Tower Semiconductor (NASDAQ: TSEM; TASE: TSEM) today announced it will hold an Investor and Analyst conference call to discuss business, technology focus, and growth drivers, on Tuesday, September 5, 2023, at 10:00 a.m. Eastern Time (09:00 a.m. Central, 08:00 a.m. Mountain, 07:00 a.m. Pacific and 05:00 p.m. Israel time).

CNBC's Kristina Partsinevelos joins 'Power Lunch' to discuss Intel scrapping $5.4 billion bid for chipmaker after China withholds approval.

Intel Corporation has terminated a $5.4 billion deal to buy Tower Semiconductor in Israel after failing to get needed regulatory approval, the US chip maker announced Wednesday.

Intel Corp. scrapped a $5.4 billion deal to acquire contract chipmaker Tower Semiconductor after the merger agreement expired without China giving regulatory approval.

Intel Corp. and Tower Semiconductor Ltd. shares fell Wednesday after the chip companies called off an acquisition because Intel was unable to secure regulatory clearances in time, but few on Wall Street appeared to be mourning the loss.

Intel (INTC) is ending its $5.4 billion deal to buy Tower Semiconductor (TSEM) after failing to get Chinese regulatory approval. As part of the deal's termination, Intel will pay Tower a $353 million fee.

CNBC's Kristina Partsinevelos reports on news from Intel.

Intel called off a $5.4 billion deal to purchase Tower Semiconductor after it failed to secure timely regulatory approval from China.