Intel cancels $5.4 billion Tower takeover

US chip giant Intel has terminated its planned acquisition of Israeli chip manufacturer Tower Semiconductor, citing delays to obtaining the necessary regulatory approvals.
The finger is being pointed firmly at China.
According to Reuters, Chinese antitrust authorities were slow to clear the $5.4 billion deal, causing Intel and Tower to miss deadlines set out in the takeover agreement. Intel CEO Pat Gelsinger reportedly met personally with Chinese officials, visiting them last month in an effort