Qualcomm had previously submitted a Dollars 44 billion bid for rivals NXP Semiconductors only to see the bid declined by Chinese regulators amid the escalating trade war between China and USA, making the company a victim of the dispute.
USA 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.
Following the meeting of President Xi and President Trump, China issued an official statement claim that President Xi did not mention his willingness to reconsider the approval of the Qualcomm-NXP deal should he deal be put up again.
Steve Mollenkopf, CEO, Qualcomm, was quoted by sources to say that the failure of the deal was a side effect of the mounting tensions due to trade imbalance between the US and China.
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Qualcomm considers the matter closed. NXP declined to comment.
When some deals collapse, they can't be revived - even by the most powerful politicians in the world.
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. Xilinx is now vying to acquire Israeli chip maker Mellanox Technologies after it made a decision to run an auction to sell itself, according to people familiar with the matter. Mellanox did not immediately respond to requests for comment. 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. KLA-Tencor's CEO said on the company's last earnings call that he expects the deal to close by year end. Qualcomm gave up all hopes for the deal recently when China blocked the move amidst escalating tensions between the US-China Trade war back in July this year.