FILE PHOTO: An indication on the Qualcomm campus is seen, as chip maker Broadcom Ltd introduced an unsolicited bid to purchase peer Qualcomm Inc for $103 billion, in San Diego, California, U.S. November 6, 2017. REUTERS/Mike Blake
(Reuters) – U.S. smartphone chip producer Qualcomm Inc (QCOM.O) considers the prospect of an acquisition of NXP Semiconductors (NXPI.O) as closed, the corporate mentioned on Monday.
“Whereas we have been grateful to study of President Trump and President Xi’s feedback about Qualcomm’s beforehand proposed acquisition of NXP, the deadline for that transaction has expired, which terminated the contemplated deal,” a Qualcomm consultant mentioned through e mail. “Qualcomm considers the matter closed.”
China was “open to approving the beforehand unapproved” deal for Qualcomm to amass NXP “ought to it once more be introduced,” the White Home mentioned in a press release over the weekend after a gathering between Chinese language and U.S. leaders.
In July, Qualcomm, the world’s greatest smartphone-chip maker, walked away from a $44 billion deal to purchase NXP after failing to safe Chinese language regulatory approval, changing into a high-profile sufferer of the China-U.S. commerce dispute.
Reporting by Kanishka Singh in Bengaluru; Modifying by Sai Sachin Ravikumar