Tower Semiconductor gains amid report Intel met with China antitrust regulator
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Tower Semiconductor (NASDAQ:TSEM), which agreed to a $5.2 billion sale to Intel (NASDAQ:NASDAQ:INTC) last February, rose 1.7% at least partly amid a report that Intel (INTC) representatives met with China's antitrust regulator this week. Tower Semi also rose 2.2% on Thursday.
Intel (INTC) officials had a bureau-level discussion with China's State Administration for Market Regulation, according to traders, who cited a report that was circulating on Friday. Ministers of the Chinese regulator were not involved with meeting. It's still too early to know if whatever Intel is offering is adequate to get China to approve the deal.
News of the meeting comes after Tower Semi (TSEM) gained almost 4% on Tuesday after Intel (INTC) CEO Pat Gelsinger met with a Chinese official to discuss the state of the industry. China's Ministry of Commerce said Minister Wang Wentao talked with Intel CEO about security and the stability of chip supply.

Tower Semi's (TSEM) stock gain on Tuesday was the biggest since the deal was announced last February. The TSEM/INTC deal spread on Friday is the narrowest it's been since mid December. 
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. The Intel CEO meeting also follows a WSJ report last Tuesday that Chinese regulators have recently slowed down merger reviews in a number of proposed U.S. deals, including the Tower Semi transaction.
On Tuesday Dealreporter separately said that Intel (INTC) CEO was also expected to be meet with the National Development and Reform Commission and the Ministry of Information Technology. It wasn't clear a the time if the Intel boss was going to meet with SAMR, the regulator who is expected to decide on the Tower Semi (TSEM) deal.
SAMR's review of the deal was suspended in mid-December, according to Dealreporter, and has yet to resume.
Intel (INTC) reiterated last month Tower Semi (TSEM) deal may close in the first half of 2023 pending regulator approval. Intel is scheduled to report Q1 results on April 27.