US Seeks Intel Stake Without Governance Rights, Lutnick Says

Commerce Secretary Howard Lutnick confirmed discussions between the US and Intel Corp. for the government to take a stake in the chipmaker, casting the plan as a bid to convert Chips and Science Act grants into equity.

Lutnick on Tuesday said the plan would not give the US governance or voting rights in the company, even though it could make the federal government Intel’s largest shareholder. He assailed the chips law signed by former President Joe Biden for giving semiconductor manufacturers subsidies without any return for US taxpayers.

“It’s not governance, we’re just converting what was a grant under Biden ...