Intel (NASDAQ:INTC) has recently started preliminary remedy talks with China over its planned Tower Semiconductor (NASDAQ:TSEM) purchase, though approval isn’t expected in the next few weeks.

Intel (INTC) began talks with Chinese third parties and China’s State Administration for Market Regulation on its $5.4 billion deal for Tower (TSEM), according to a Dealreporter item late Thursday, which cited people familiar. The Chinese review appears to still hinge on the US export control restriction and possibly ways to tailor a remedy to account for them.

The latest update comes after Intel (INTC) CEO Pat Gelsinger a week ago said the semiconductor giant is making “progress” with Chinese regulators on the deal after recent meetings in China.

The Dealreporter item, which said China approval isn’t expected in the next few weeks, appears to contradict a report that circulated last Thursday that speculated China will make a decision on the deal in the coming weeks.

An Intel (INTC) spokesperson told Dealreporter it’s working hard with regulators and hopes the deal will be approved as soon as possible.

Investors have been waiting for China’s antitrust approval for the Tower Semi (TSEM) deal after the $53 a share deal was announced last February.

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• Source: https://seekingalpha.com/news/3966504-intel-in-remedy-talks-with-china-on-tower-semi-no-approval-in-next-few-weeks-report?utm_source=feed_news_all&utm_medium=referral