- Germany looks to offer Intel Corp INTC with a grant of over €5 billion ($5.5 billion) in public funds to build a massive semiconductor plant, Bloomberg reports.
- The final subsidy is subject to the approval of the European Commission.
- Related Content: Global Efforts To Reduce Semiconductor Dependence Will Further Exacerbate Crisis: Bloomberg
- Intel looks to start work on €17 billion ($18.7 billion) earmarked on a cutting-edge semiconductor production site in Magdeburg, Germany, set to generate 3,000 permanent high-tech jobs and 7,000 construction jobs.
- Intel saw up to 30% of its planned spending on new plants and equipment provided by government subsidies.
- Price Action: INTC shares traded higher by 1.43% at $45.45 on the last check Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in
