Germany will grant U.S. chipmaker Intel 10 billion euros ($10.91 billion) in subsidies for its planned factory in Magdeburg, a source familiar the matter said, capping months of talks over a project expected to be worth around 30 billion euros.
Frankfurt-listed Intel shares were 0.7% lower at 1137 GMT.
The chipmaker last year announced plans to build a big chip complex in Germany, along with facilities in Ireland and France, as it seeks to benefit from the European Commission's eased funding rules and subsidies as the EU tries to cut its dependence on U.S. and Asian supply.Gelsinger told Reuters on Friday that the gap between what Germany had offered and what Intel needed was too big but he expected to reach an agreement, adding that his request was to be cost competitive.
"We lost this industry to Asia, we have to be competitive if we're going to bring it back," he said, adding the overall investment for the site would be "tens of billions of dollars".Our Standards:Supantha leads the European Technology and Telecoms coverage, with a special focus on emerging technologies such as AI and 5G. He has been a journalist for about 18 years. He joined Reuters in 2006 and has covered a variety of beats ranging from financial sector to technology.
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