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October 11, 2015

EU set to approve Intel’s $16.7bn Altera acquisition

News: EU ruling scheduled for October 14.

By CBR Staff Writer

The European Union is expected to approve Intel’s $16.7bn bid to acquire Altera, which is aimed at strengthening the chipmaker’s portfolio.

US-based Intel intends to buy Altera to strengthen its market for higher-margin chips used in data centres and to develop chips for cars, watches and other devices based on the Internet of Things.

The EU ruling on the matter has been scheduled by October 14, reports Reuters.

The news agency cited anonymous sources as saying that Intel might not be required to give any concessions for the deal, since the EU does not see any competition issues.

The US Department of Justice gave unconditional approval for the transaction in September, but also needs to receive clearance from other organisations including the Chinese.

The EU is presently reviewing Avago Technologies’ $37bn deal for taking over Broadcom Corp, preliminary stage for which will end on 9 November.

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