Commerce Secretary Howard Lutnick told CNBC that the government has no intention of meddling in Intel's business, and will have its hands tied by holding non-voting shares.
Days after Intel CEO meets with Trump, the federal government is reportedly negotiating a stake in the chips champion
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President Trump earlier said the company's CEO agreed to the deal in a recent meeting at the White House.
The government is getting 433.3 million shares of non-voting stock priced at $20.47 apiece — a discount from Friday's closing…
The plan stems from a meeting between CEO Lip-Bu Tan and Trump, who had demanded he resign over his Chinese investments.
Unprecedented deal comes after president demanded CEO Lip-Bu Tan to resign over his ties to Chinese firms
President Donald Trump said that Intel has agreed to give the U.S. government a 10% stake in its business.
The extraordinary development follows a meeting between CEO Lip-Bu Tan and Trump after he called for Tan’s removal.
Trump Says Intel Agreed To Give U.S. A Stake In Its Company
