Intel cancels deal with TowerFOUNDRY DISAPPOINTMENT: An analyst said the failed deal would be ‘modestly disappointing’ for Intel’s foundry efforts, which were not going to be easy with Tower Intel Corp yesterday said that it is walking away from its attempt to acquire Tower Semiconductor Ltd, abandoning a US$5.4 billion deal after failing to win regulatory approval in time. Intel has mutually agreed with Tower Semiconductor to terminate the agreement reached in February last year, it said in a statement. The purchase of the Israeli company was the keystone of Intel chief executive officer Pat Gelsinger’s plan to get into a faster-growing part of the semiconductor industry, the foundry market dominated by Taiwan Semiconductor Manufacturing Co (TSMC, 台積電). Tower has a relatively small presence in that area — where companies make chips
