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Italy and Intel close to $5 billion deal

Intel, stock, Italy and Intel close to $5 billion deal

The American chip manufacturer Intel and the Italian government are close to concluding a deal worth $5 billion, which involves the construction of an advanced semiconductor manufacturing and assembly plant in the country. The factory will use new technologies to create full-fledged chips.

Intel's investment in Italy is part of a broader plan announced by the U.S. chipmaker earlier this year to invest $88 billion in capacity construction across Europe, which seeks to reduce its dependence on Asian semiconductor imports and ease supply chain pressures. The shortage of chips has reduced production in the automotive sector, which is strategic for the region.

It is reported that the government of outgoing Prime Minister Mario Draghi is seeking to conclude an agreement by the end of August, before the snap national elections scheduled for September 25. Earlier there were reports that Rome is ready to finance up to 40% of Intel's total investment in Italy, which is expected to increase over time from the initial $5 billion.

Intel and the government have compiled a list of possible sites in two Italian regions. The final decision on the construction site has not yet been made.

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