German Court Ruling Could Cost Intel Billions of Euros in Subsidies - State Minister
Reuters2023-11-22
The negative court ruling on German finances last week could cost Intel billions of euros in subsidies for planned chip-making plants in the state of Saxony-Anhalt, the state economy minister was quoted as saying by magazine WirtschaftsWoche.
Berlin had agreed subsidies worth nearly 10 billion euros with the U.S. chipmaker, a person familiar with the matter had told Reuters when Intel announced its plans.
"When Germany cannot afford such future projects like Intel anymore, then the economic damage will be enormous and the image damage gigantic," Sven Schulze, economy minister of Saxony-Anhalt was quoted as saying.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
