Intel expected to walk from Tower Semi after not winning China approval – report

Intel (NASDAQ:INTC) is expected to terminate its planned $5.4 billion purchase of Tower Semiconductor (NASDAQ:TSEM) after failing to win Chinese approval for the deal before a deadline expires.

The deadline for the acquisition is midnight California time Tuesday, and the companies don’t expect to receive approval in time, according to a Bloomberg report on Tuesday, which cited people familiar with the matter.