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German court ruling could cost Intel billions of euros in subsidies - state minister

Published 11/22/2023, 07:44 AM
Updated 11/22/2023, 07:45 AM
© Reuters. FILE PHOTO: FILE PHOTO: A smartphone with a displayed Intel logo is placed on a computer motherboard in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration/File Photo/File Photo
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BERLIN (Reuters) - The negative court ruling on German finances last week could cost Intel (NASDAQ:INTC) 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.

© Reuters. FILE PHOTO: FILE PHOTO: A smartphone with a displayed Intel logo is placed on a computer motherboard in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration/File Photo/File Photo

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.

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