Intel rejects Arm approach for product division, Bloomberg News By Reuters reports

(Reuters) – Arm Holdings has approached Intel (NASDAQ: ) about possibly buying the company’s products division, but was told the business is not for sale, Bloomberg News reported on Thursday.

The British chip firm has not expressed interest in Intel’s manufacturing operations, the report added, citing a person familiar with the matter.

The report did not mention financial details or say whether talks are still ongoing or have been abandoned.

Arm and Intel declined to comment on the report.

Once the dominant force in chipmaking, Intel has ceded its manufacturing advantage to Taiwanese rival TSMC and failed to produce a widely desired chip for the generative AI boom capitalized on by Nvidia (NASDAQ: ) and AMD (NASDAQ: ).

Qualcomm (NASDAQ: ) has also approached Intel to explore a potential acquisition of the troubled chipmaker, Reuters reported earlier this month, in what could be a transformational deal for the sector.

Intel tried to change its business by focusing on AI processors and creating a chip manufacturing business known as a foundry.

The company plans to stop building factories in Poland and Germany and reduce its real estate holdings.