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US chipmaker Intel is taking a big bet on driverless cars after announcing a $15.3bn takeover of specialist Mobileye.

Intel will pay $63.54 per share in cash for the Israeli business which develops systems for “autonomous driving”.

Mobileye and Intel are already working together, along with German carmaker BMW, to put 40 test vehicles on the road in the second half of this year.

Intel expects the driverless market to be worth as much as $70bn by 2030.

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