Intel CEO: 'Disappointed' Tower deal had to be scrapped

Intel (INTC) scrapped its acquisition of Tower Semiconductor (TSEM) after Chinese regulators failed to approve the deal in a timely manner. In an interview with Yahoo Finance's Akiko Fujita, Intel CEO Pat Gelsinger says the company was "disappointed" the deal couldn't happen. Gelsinger says the deal would have "accelerated" his ambitions for the company to be a foundry, but now he will "have to find other ways to drive the agenda because it's not likely that any major technology acquisition will get regulatory approval." It's something Gelsinger says is "disappointing because M&A has always been a factor in how technology companies have been building and moving their strategies forward."