Executives from both companies reached a preliminary agreement to form a joint venture that would run Intel’s manufacturing plants, the Information reported. Intel and other American chipmakers will hold the majority of stock in the initiative, which would include at least some of the US company’s factories, said the news site, which cited unnamed people familiar with the situation.
Intel Corp shares gained on a report that the company tentatively agreed to a Taiwan Semiconductor Manufacturing Co joint venture, a sign the beleaguered US chipmaker is moving ahead with a plan that’s been highly anticipated by investors.
The shares climbed more than 2% on Thursday after the Information website reported the news, erasing a decline of more than 5% earlier in the session. The stock had been up about 10% this year through Wednesday, fueled in part by hopes that Intel would pursue such a move.
