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Intel (INTC) Stock May Gain, EU Altera Deal Approval Expected

NEW YORK (TheStreet) -- Shares of Intel (INTC - Get Report) were falling 1.3% to $32.12 on Friday following a report that that the chipmaker will likely receive approval for its $16.7 billion bid for Altera (ALTR) from the European Commission.

The European Commission will likely clear the deal without requiring any concessions from Intel because it doesn't see any competition issues, according to Reuters. The commission is scheduled to give its decision on the potential acquisition by October 14.

The U.S. Department of Justice cleared the acquisition unconditionally in September. Other agencies, including the Chinese, are currently looking into the acquisition, but analysts expected the deal to gain approval from all agencies, according to Reuters.

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The acquisition of Altera will help Intel boost its portfolio of higher-margin chips used in data centers.

Intel is scheduled to report...