Qualcomm Rules Out Another Bid for NXP After China Opens Door

Qualcomm ruled out any chance of a return to bid for NXP after U.S. and Chinese political leaders appeared to open the way for possible approval of the transaction, according to Bloomberg.

“While we were grateful to learn of President Trump and President Xi’s comments about Qualcomm’s previously proposed acquisition of NXP, the deadline for that transaction has expired, which terminated the contemplated deal,“ the company said in an emailed statement. “Qualcomm considers the matter closed and is fully focused on continuing to execute on its 5G roadmap.“

Qualcomm scrapped its proposed $44 billion bid for rival chip-maker NXP in July after an almost two-year wait for approval, as tensions between the U.S. and China escalated. Chinese regulators declined to clear the deal, though the country later expressed regret over the transaction’s collapse.

The weekend comments were part of an agreement struck by Xi and U.S. President Donald Trump over dinner on Saturday in Buenos Aires, where the pair negotiated a temporary cease-fire in the tit-for-tat trade war between the world’s two largest economies. The statement about revisiting Qualcomm-NXP was included in the White House release, but not the one from the China side.