Germany Could Offer Intel €5B Subsidy For €17B Chip Plant: Bloomberg

March 16, 2022 2:31 PM | 1 min read |

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.
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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.