Intel CEO declines to say if it would extend Tower Semiconductor deal
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Intel (NASDAQ:INTC) CEO Pat Gelsinger declined to say if the company may be willing to extend an agreement to acquire Tower Semiconductor (NASDAQ:TSEM) that's set to expire in a few weeks. Tower Semi rose 3%
in trading on Friday. 
"I can't comment any further at this point," Gelsinger said in a CNBC interview when asked if he was willing to extend the $5.2 billion acquistion past its deadline. "Obviously, we are working with the Chinese regulators and hopeful that he will be able to come to a conclusion soon."
Gelsinger said he was just in China trying to get the Tower Semi (TSEM) deal approved, as it is the main obstacle to completing the transaction. The Tower Semi deal has a termination date of Aug. 15. 
"We are still anxious to see that come across the line," Gelsinger said in the CNBC interview broadcast Friday. "Clearly doing everything we can to complete that transaction."
Gelsinger said that the company's foundry business doesn't depend on the Tower Semi (TSEM) deal being completed. Intel and its CEO also didn't once mention the TSEM deal on its hour-long Q2 earnings call on Thursday. Intel rose 5% in trading on Friday after the results.
"Our Tower acquisition accelerates our foundry business, but our foundry business doesn't depend on its completion, but we are still working hopefully to get that done in the neat future," Gelsinger said. 
"Obviously the deal itself has an Aug. 15 date associated with it if you look at the filings," Gelsinger said. "So they aren't that many weeks left so we are looking forward to this near-term opportunity to get it completed and part of the reason I was in China very recently."
Gelnsinger's comments come after Tower Semi (TSEM) jumped 5.6% on Wednesday after investors were suprised after China's antitrust regulator approved MaxLinear's (MXL) planned purchase of Silicon Motion (SIMO), which MaxLinear said it plans to terminate.
Tower Semi (TSEM) rose 3.2% on July 11 amid reports that Intel's Pat Gelsinger was in China this month at least partly in an effort to convince Chinese regulators to approve the deal. The visit was Gelsinger's second in recent months as he works to convince China to approve the transaction. 
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