Qualcomm-NXP deal: Xi says China open to approving

Qualcomm walked away in July from the mammoth deal to buy NXP after failing to secure Chinese regulatory approval. — AFP pic

U.S. and China Talk Up Qualcomm-NXP Merger. There’s Just One Problem: The Deal Is Dead

Chinese President Xi Jinping said he would consider approving a possible $44 billion deal for Qualcomm Inc.to purchase NXP Semiconductors NV if it's brought to him again, the White House said in a statement Saturday.

The United States expects China to take immediate action to cut tariffs on U.S. auto imports and end intellectual property theft and forced technology transfers as the two countries move toward a broader trade deal, a White House official said on Monday.

However, Qualcomm doesn't seem to be all that interested now. "Restarting the acquisition of NXP will help Qualcomm effectively disperse future operational risks without betting fully on smartphones", said Yao, adding that he believes the restart of the NXP deal should still be under consideration at Qualcomm despite its assertion the deal had been terminated as the deadline had expired. "Qualcomm considers the matter closed".

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The statement about revisiting Qualcomm-NXP was included in the White House release, but not the one from the China side. The $44 billion reportedly received approval from the antitrust authorities in America, Japan and Europe but fell through when China refused to approve of it by the 25 July 2018 deadline.

China's foreign ministry declined to comment on Qualcomm during a regular media briefing on Monday. To appease its shareholders, Qualcomm has also embarked on a $30 billion (roughly Rs. 2.1 lakh crores) stock repurchase plan to return to them most of the money that would have been used for the NXP deal. NXP has also announced its own $5 billion share buyback program. But, as US and China relations deteriorated, the Chinese government later claimed they would block the deal, and Qualcomm announced that they were abandoning the effort this year.

Regulators in eight countries approved the deal, including in the US and Europe.

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Trump said the United States would be "holding back on tariffs, and "China will be getting rid of tariffs".

The dissolution of the deal is one of the most apparent repercussions of the escalating trade between China and the United States, two of the largest economies in the world.

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