The Globe and Mail reports in its Thursday, Aug. 17, edition that a $5.4-billion (U.S.) acquisition of Israeli chip maker, Tower Semiconductor, by Intel has been called off after China failed to sign off on the deal. An Associated Press dispatch to The Globe reports that Intel said the deal was terminated "due to the inability to obtain in a timely manner the regulatory approvals required under the merger agreement." The deal needed approval from several regulators worldwide, including those in China. Chinese regulators failed to approve the deal by a deadline Wednesday, even after Intel chief executive officer Patrick Gelsinger travelled to China last month in a bid to win them over. The scuttled deal between the two companies comes amid increasing U.S.-China tensions, particularly as the U.S. has tightened export controls and imposed restrictions aimed at crippling China's ability to purchase and manufacture advanced chips. In response, China's antitrust regulator, the State Administration for Market Regulation, appears to have dragged its feet on approving mergers involving American companies, such as the Intel-Tower deal. Intel will pay Tower a kill fee of $353-million (U.S.).