Intel’s proposed takeover of the abandoned joint venture factory in Chengdu was intended to fast-track the company’s expansion plans in China

The deal could have revived one of the country’s major foreign-invested semiconductor projects

US semiconductor giant Intel Corp was poised to expand its operations in China by taking over the abandoned joint venture factory of GlobalFoundries in the southwestern city of Chengdu, but that plan has been shelved, according to two people familiar with the matter.