Troubled chipmaking giant Intel Corp. has reached a preliminary agreement with its rival Taiwan Semiconductor Manufacturing Co. to create a joint venture that will take over the running of its chip fabrication plants in the U.S.

TSMC, the world's largest contract chipmaker, will take a 20% stake in the new company, the report said. The White House and Commerce department officials have been pressing TSMC and Intel to strike a deal to resolve the long-running crisis at Intel,

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