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Qualcomm has no interest in reviving NXP takeover

05 December 2018

The perception was that Broadcom is more concerned with acquisitions than R&D, and any let up could allow Huawei to leapfrog Qualcomm, and thereby the U.S., in 5G.

"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. "Qualcomm considers the matter closed".

Qualcomm walked away in July from the proposed acquisition of NXP after failing to secure Chinese regulatory approval, becoming one of the most high-profile victims of the escalating US-China trade war at the time. Qualcomm even paid a $2 billion penalty in July for breaking off the merger.

China's foreign ministry declined to comment on Qualcomm during a regular media briefing on Monday. Last month, China approved United Technologies Corp's $30 billion purchase of aircraft parts maker Rockwell Collins Inc and Walt Disney Co's $71.3 billion (around Rs. 5.02 lakh crores) deal to buy most of Twenty-First Century Fox's entertainment assets. "Which is a big thing". After the talks, the Chinese government said it is "open to approving the previously unapproved" Qualcomm - NXP deal, "should it again be presented". The bid was the most prominent to fail as a result of trade tensions between China and the US.

CHINESE PURCHASES OF US GOODS The White House said China will agree to purchase a not yet agreed upon, but very substantial, amount of agricultural, energy, industrial, and other products from the United States. But both countries are now putting in efforts to scale back tariffs as it has proved detrimental for both economies.

Trump and Xi met for two hours over dinner during the G20 summit in Argentina.

By allowing the Qualcomm deal to run itself out, Beijing was seen to be flexing its economic muscles while retaining negotiating power with a Trump administration that has threatened to slap tariffs on virtually all Chinese imports.

"This was an wonderful and productive meeting with unlimited possibilities for both the United States and China", Trump said on Saturday.

Qualcomm has no interest in reviving NXP takeover