The European Commission said this week that it had approved a 5 billion euro ($5.5 billion) German state aid measure to support a new microchip manufacturing plant in Dresden for the European Semiconductor Manufacturing Company (ESMC).

ESMC is a joint venture between Taiwan Semiconductor Manufacturing Company (2330.TW), Robert Bosch, Infineon (IFXGn.DE) and NXP (NXPI.O).

($1 = 0.9025 euros)