$Qualcomm (QCOM.US)$ made a takeover approach to rival $Intel (INTC.US)$ in recent days, according to people familiar with the matter -- news that briefly sent Intel shares up nearly 10% Friday.
INTC rose as much as 9.5% to a $23.14 intraday high after The Wall Street Journal first reported late in the session that such a deal for Intel -- which had a market value of roughly $87 billion early Friday, would be massive. It would come as INTC has been suffering through one of the most significant crises in its five-decade history.
A deal is far from certain, the people cautioned. Even if Intel is receptive, a deal of that size is all but certain to attract antitrust scrutiny, though it is also possible it could be seen as an opportunity to strengthen the country's competitive edge in chips.
To get the deal done, Qualcomm could intend to sell assets or parts of Intel to other buyers.
Intel gave back some of its gains late in the session to close at $21.84, up 3.3% for the day. Meanwhile, Qualcomm eased 2.9% to end the day at $168.92.