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.
Chinese regulators did not have immediate comment.
Qualcomm scrapped its proposed $44 billion (R 602 bn) bid for rival chip-maker NXP in July after an nearly two-year wait for approval, as tensions between the U.S. and China escalated. Qualcomm spent United States dollars 22.6 billion on share buybacks in the 12-months ended September, using up the cash reserves it had set aside for the acquisition and ending any possibility of a renewed bid. Further aggravating this is the fact that Qualcomm even paid a $2 billion penalty in order to distance itself away from the deal.
China's foreign ministry declined to comment on Qualcomm during a regular media briefing on Monday. NXP has also announced its own $5 billion (around Rs. 35,200 crores) share buyback program. It has spent more than US$20 billion in share buybacks in the last 12 months. Now, chip companies may be more optimistic about their regulatory chances in China. The US government suggested that it could revisit the plan, as China was open to approving the deal.
USA lawmakers also passed reforms earlier this year that increased CFIUS' scrutiny of deals.
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