Xi Open to Blessing Qualcomm-NXP Deal if Presented Again, US Says

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Qualcomm on Monday rejected a suggestion by the White House that its collapsed US$44 billion acquisition of Dutch peer NXP Semiconductors could be revived, after the White House said that China was "open to approving the previously unapproved" deal "should it again be presented".

The Chinese president's openness to the deal was a sign of further cooperation on multiple issues, including corporate mergers, Kudlow told reporters.

Since then, Qualcomm has paid a Dollars 2 billion breakup fee to NXP for the failed deal and commenced a share repurchase program it had promised its shareholders, should the deal fall through.

Qualcomm had been trying to acquire NXP, best known for its semiconductor work in self-driving cars, for more than two years, but missed a deadline to confirm its continued interest in the deal after months of delays from Beijing and paid NXP $2 billion to terminate the transaction.

However, Reuters reports that Qualcomm representatives made it clear through an email, that the company considers the matter closed.

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Had it have gone through, it would have been the biggest semiconductor deal globally and its collapse helped exacerbate growing trade tensions between the United States and China.

That's nice, said Qualcomm.

Qualcomm, the world's biggest smartphone-chip maker, walked away from its agreement to buy NXP in July, after failing to secure Chinese regulatory approval.

Qualcomm has already embarked on a plan to return the money it would have used to fund the NXP purchase through a $30 billion stock repurchase plan and more than $20 billion in share buybacks. NXP has also announced its own $5 billion (around Rs. 35,200 crores) share buyback program. The massive merger between Qualcomm and NXP have been approving in eight other jurisdictions.

The chip giant had agreed a $44 billion deal for NXP but withdrew in July after Chinese regulators declined to grant regulatory approval at a time of high trade tensions between the country and the US.

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