TSEM - Tower Semiconductor gains amid report China likely to make decision on Intel soon

2023-04-27 11:59:53 ET

Tower Semiconductor ( NASDAQ: TSEM ) rose 3% amid a report that China's antitrust regulator is expected to make a decision on Intel's ( NASDAQ: INTC ) planned acquisition in the coming weeks.

Intel CEO Pat Gelsinger's recent visit with Chinese regulators likely helped with remedy talks, according to traders, who cited a Capitol Forum report circulating.

Earlier this month it was reported that Intel ( INTC ) officials had a bureau-level discussion with China's State Administration for Market Regulation. SAMR's review of the deal was suspended in mid-December , according to Dealreporter item in January.

Tower Semiconductor gained 3.7% on April 11 after the Intel ( INTC ) met with a Chinese official to discuss the state of the industry. China's Ministry of Commerce said Minister Wang Wentao talked with Intel CEO about security and the stability of chip supply at the time.

Investors have been waiting for China's antitrust approval for the Tower Semi ( TSEM ) deal after the $53 a share deal was announced last February.

Intel ( INTC ) is expected to report Q1 results after the close on Thursday.

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