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China open to authorize Qualcomm-NXP deal, Qualcomm declines approval
04 December 2018, 09:06 | Austin Hogan
Qualcomm insists $44bn takeover of NXP is dead despite easing of China-US trade tensions
United States chipmaker Qualcomm Inc rejected a suggestion by the White House that its collapsed US$44 billion (RM184.1 billion) acquisition of Dutch peer NXP Semiconductors could be revived, saying the deal had been terminated as the deadline had expired.
US chipmaker Qualcomm Inc. has ruled out any possibility of a renewed bid for rival NXP Semiconductors after President Xi reopened the doors for a new bid during his meeting with President Trump over the weekend. Yesterday, China's president said the Chinese government would let the deal go through after all, but a Qualcomm official insists that the deal is is still dead.
The saga started back in October 2016 when Qualcomm made a successful $38 billion bid for the semiconductor maker. The email declared that though the company is grateful for the reconsideration and the comments, the deadline for the transaction has expired and hence the contemplated deal has been terminated.
"Qualcomm considers the matter closed and is fully focused on continuing to execute on its 5G road map", it added. NXP declined to comment.
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