Intel shares jump as Softbank to buy $2bn stake in chip giant

Intel shares jump as Softbank to buy $2bn stake in chip giant

The BBC has contacted the White House and Intel for comment.

The potential deal , which was first reported last week, aims to help Intel build a flagship manufacturing hub in Ohio. At the time, a White House spokesman told the BBC that the reports "should be regarded as speculation" unless officially announced.

The announcement came just hours after new reports that the Trump administration is in talks to take a stake of around 10% in Intel by converting government grants into shares.

Intel shares have jumped after Japanese technology investment giant Softbank said it is buying a $2bn (£1.5bn) stake in the US computer chip maker.

Under the deal announced on Monday, Softbank will pay $23 per share in Intel.

"The investment comes as both Intel and SoftBank deepen their commitment to investing in advanced technology and semiconductor innovation in the United States," the two companies said in a joint statement.

Intel shares rose by more than 5% in after-hours trade in New York on Monday.

Last week, US President Donald Trump and members of his cabinet met Intel chief executive Lip-Bu Tan.

The meeting came just days after Trump called for Mr Tan to resign, accusing him of being "highly conflicted" due to his earlier ties to China.

... continue reading