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January 13, 1998: 10:56 a.m. ET

NEW YORK (CNNfn) - The U.S. Federal Trade Commission said Tuesday it would no longer try to hold up Intel Corp.'s $420 million acquisition of Chips and Technologies Inc. [INLINE] The FTC did say, however, that it would continue to investigate the merger as part of its more extensive look into Intel's operations. Earlier, the FTC had sought a preliminary injunction to halt the merger. [INLINE] The FTC was apparently concerned that Intel would gain an even larger market share of the chip market with the acquisition of Chips and Technologies, a leading laptop computer semiconductor firm. [INLINE] The FTC has been eyeing Intel carefully because it believes that Intel's strong chip business, estimated to control more than 80 percent of the world's market, could raise antitrust concerns.

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