Qualcomm has no interest in reviving NXP takeover

Qualcomm has no interest in reviving NXP takeover

"Although we were pleased to hear from President Trump and President Xi about the previously proposed acquisition of NXP by Qualcomm, the deadline for that transaction has expired", said the company.

Trump and Chinese President Xi Jinping met in Buenos Aires Saturday, and Trump told reporters that Xi said he would reconsider China's prior decision to withhold approval of the planned $44 billion merger between Qualcomm and NXP. Afterward, Trump said Xi would consider giving a green light to a Qualcomm/NXP merger should the deal be presented to him again.

A Qualcomm spokesman said that the business will not pursue its previous agreement to agree NXP.

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Qualcomm considers the matter closed.

"Although that acquisition can not be resuscitated, Xi's comment reveals in plain sight that Chinese antitrust policy is inherently politicized", said Scott Kennedy, a China expert at the Center for Strategic and International Studies in a blog post.

According to reports, Qualcomm and NXP have been patiently waiting for two years to win the regulatory approval from China. It has spent more than $20 billion (roughly Rs. 1.4 lakh crores) in share buybacks in the last 12 months.

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When some deals collapse, they can't be revived - even by the most powerful politicians in the world. NXP declined to comment. Mellanox did not immediately respond to requests for comment.

Post rejection of their offer, Qualcomm has already paid a hefty $2 Billion to NXP for terminating the offer and announced a $30 billion stock repurchase plan to help soothe investor sentiments.

A more near-term test being watched by dealmakers is KLA-Tencor Corp pending acquisition of fellow semiconductor equipment maker, Israel's Orbotech Ltd.

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In July, Qualcomm scrapped plans for a $44bn (£34bn) takeover of NXP after Chinese regulators signalled that they would block the takeover. The deal eventually failed in July after a regulatory deadline passed without approval from China's State Administration for Market Regulation (SAMR), which oversees antitrust regulation in the country.