The agreement between Trump and Chinese President Xi Jinping had made it further for China to approve the deal for Qualcomm to acquire NXP Semiconductors after Chinese regulators prevented the transaction earlier this year. "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.
But in a mediastatement, Qualcomm said the deadline for the planned transaction has expired, and the company now "considers the matter closed", with no intention of reviving talks. NXP declined to comment.
Qualcomm had to pay NXP a $2 billion (approximately Rs. 14,100 crores) fee to terminate the deal. It is important to note that both parties, Qualcomm and NXP, have already walked away from the deal.
After the meeting, Trump said they had reached an "incredible deal".
Qualcomm moved ahead with a stock buyback of about $30 billion that it had promised shareholders should the NXP deal fall apart.
One example could be Xilinx, a United States provider of chips used in communications network gear and consumer electronics that has a big presence in China.
A more near-term test being watched by dealmakers is KLA-Tencor Corp pending acquisition of fellow semiconductor equipment maker, Israel's Orbotech Ltd. The massive merger between Qualcomm and NXP have been approving in eight other jurisdictions. KLA-Tencor's CEO said on the company's last earnings call that he expects the deal to close by year end.
Telecommunications company Qualcomm ruled out any chance of a return to its abandoned bid for NXP Semiconductors NV after USA and Chinese political leaders appeared to open the way for possible approval of the transaction.
USA lawmakers also passed reforms earlier this year that increased CFIUS' scrutiny of deals.
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