Qualcomm has approached Intel about an acquisition, according to a report from The Wall Street Journal on Friday, but the sale looks “logically unlikely” to Benchmark analyst Cody Acree. He says in a research note that Qualcomm has no experience in operating leading-edge chip manufacturing facilities, so any acquisition would be instantly paired with a disposition of Intel’s entire manufacturing operation, which many have called for Intel to do on its own. An Intel offer would probably have to offer at least a 40% to 50% premium to its current trading price to be taken seriously, and given Qualcomm’s market cap and cash balance, any transaction would have to include heavy debt and stock components, the analyst says.