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 has approached fellow US chipmaker Intel in recent days about a possible takeover, the Wall Street Journal reported Friday.Intel has suffered a string of setbacks in recent years, and a Qualcomm acquisition would be a big deal for the global chip market.