Berlin, Intel strike deal on chip plant after months of subsidy talks

BERLIN/STOCKHOLM: Germany will grant U.S. chipmaker Intel 10 billion euros ($10.91 billion) in subsidies for its planned factory in Magdeburg, a source familiar the matter said, capping months of talks over a project its CEO said will cost it tens of billions of dollars.

Germany has scheduled the signing of an agreement with Intel for 1245 GMT on Monday and both Chancellor Olaf Scholz and Intel CEO Pat Gelsinger will be present for the ceremony, the chancellery said in a statement.