The German government and Intel have inked a deal over the US chipmaker's planned factory in Magdeburg, capping months of talks over subsidies needed for the project that its CEO said will cost it tens of billions of dollars
Frankfurt-listed Intel shares were 0.3% higher at 1534 GMT.
Initially, Intel wanted to invest 17 billion euros in the Magdeburg plant, an amount that has nearly doubled to more than 30 billion. The first facility in Magdeburg is expected to enter operation 4-5 years after the European Commission's approval of the subsidy package, Intel said. Intel announced plans last year to build a big chip complex in Germany and facilities in Ireland and France as it seeks to benefit from easier European Commission funding rules and subsidies. The EU is trying to reduce its dependence on U.S. and Asian chips supply.
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