AAPL is able to buy just about any company if ....
1.) they want to buy and
2.) if AAPL is able to get regulatory approval.
If AAPL put a bid for INTC, a number of PC and server companies would raise very, very, very strong objections.
I am not sure why AAPL would want to buy INTC.
AAPL faces a discontinutity in their product lines. They have x86 on the high end. The x86 extends down to the tablet products. ARM on the low end. I am sure today that the AAPL Senior VP of MAC products have various x86 tablet prototypes AND the AAPL Senior VP of iPad products has ARM MAC prototypes. They are both pitching the expansion of their influence to Cook.
I doubt that AAPL is interested and I think it would be tough to pull off legally.