Qualcomm approached Intel about a takeover deal, the WSJ reported. Meanwhile, Intel is planning a separate foundry subsidiary and staff cuts.

Chip giant Qualcomm made a takeover approach to rival Intel in recent days, according to people familiar with the matter, in what would be one of the largest and most consequential deals in recent years.

Qualcomm approached Intel about a takeover in recent days, the Wall Street Journal reported on Friday, citing people familiar with the matter. Intel shares rose 8% on the report. The deal, if it were to happen,