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

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

And in its statement about the truce, the White House said China's President Xi Jinping had stated he was "open to approving the previously unapproved Qualcomm-NXP deal should it again be presented to him".

The offer was 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.

American chip maker Qualcomm could reconsider acquiring rival Dutch semiconductor maker NXP after China said they were open to approving the previously blocked deal at a meeting between the U.S. and China at the G20 summit in Argentina, even though the United States company has denied the possibility for now, said a Taipei-based analyst on Monday.

Despite signs that the deal could have been revived, Qualcomm said Monday it considers the prospect of buying chip rival NXP as closed, Reuters said. The email declared that though the company is grateful for the reconsideration and the comments, the deadline for the transaction has expired and hence the contemplated deal has been terminated.

More news: Jose Mourinho told what Alexis Sanchez problem is ahead of Arsenal clash

Chinese officials made no mention of Qualcomm-NXP in their official press statement about the meeting. Further aggravating this is the fact that Qualcomm even paid a $2 billion penalty in order to distance itself away from the deal.

According to reports, Qualcomm and NXP have been patiently waiting for two years to win the regulatory approval from China. It has spent more than US$20 billion in share buybacks in the last 12 months.

One example could be Xilinx, a U.S. provider of chips used in communications network gear and consumer electronics that has a big presence in China. Mellanox did not immediately respond to requests for comment. The massive merger between Qualcomm and NXP have been approving in eight other jurisdictions.

Qualcomm upped its bid to $44 billion in February, only to scrap the deal in July after a regulatory deadline passed without approval from China's State Administration for Market Regulation (SAMR), which oversees antitrust regulation.

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