One fund manager sees “more cons than pros” if the companies were to combine, after the Wall Street Journal reported that Qualcomm approached Intel about a possible deal.

A late-Friday report that Qualcomm recently made a "takeover approach" to Intel sent the latter company's shares higher.

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.