- Germany looks to offer Intel Corp (NASDAQ: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.
