Intel Stock (NASDAQ:INTC)
According to Bloomberg, which cited persons with knowledge of the subject, the company Intel (NASDAQ:INTC) has reached an agreement with the government of Germany to obtain subsidies for a semiconductor manufacturing facility in the nation for a total of €10 billion (about $10.9 billion).
According to the report, which cites an email sent out by the German government, German Chancellor Olaf Scholz and Intel CEO Pat Gelsinger will be present at a signing ceremony in Berlin at 2:45 p.m. today.
According to the article, the statement did not provide any specifics about the deal itself; however, it did include information about the individuals who would sign the contract.
The week before last, it was reported that the American chipmaker was close to signing the deal and that the German government had “largely agreed” to increase public subsidies for a proposed facility in Magdeburg. This would result in Intel receiving €9.9 billion, an increase from the prior amount of €6.8 billion.
According to the article, the augmented package that has already been agreed upon would contain conventional assistance in cash subsidies and price controls on various forms of energy.
The previous year, Intel said it anticipated investing €17 billion in the semiconductor mega-fab in Magdeburg; however, the company currently anticipates spending €30 billion on the project.
According to the article cited in its sources, Intel stock anticipated that around 40% of its expenditures would be subsidized. This would include many initiatives that would get support from the government under the Chips Act of the European Union.
Intel announced a week ago that it intends to invest up to $4.6 billion to establish a semiconductor assembly and test facility close to Wrocaw, Poland. This move is intended to assist the European Union in working toward creating a more reliable semiconductor supply chain.
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Author Shariq Khan 
