Aug 28 (Reuters) - Intel ( INTC ) received the $5.7

billion in cash on Wednesday night as part of the deal U.S.

President Donald Trump negotiated for a 10% stake in the

struggling chipmaker, finance chief David Zinsner said at an

investor conference on Thursday.

The stake in Intel ( INTC ) announced by the U.S. government last week is

an incentive for Intel ( INTC ) to retain control of its contract

manufacturing business, or foundry, Zinsner said.

As part of the deal, the government negotiated an additional

5% warrant, should Intel ( INTC ) cease to own more than 51% of its

foundry operation.

"I don't think there's a high likelihood that we would take

our stake below 50%," Zinsner said. "So ultimately, I would

expect (the warrant) to expire worthless."

Intel ( INTC ) has taken steps to separate its contract chip

manufacturing arm, or foundry, from its design business. The

company has previously said it could take outside investment in

the foundry unit, and it has created a separate management board

to govern it.

Intel ( INTC ) shares were down 0.8% at $24.64 on Thursday afternoon.