Qualcomm Inc. said on Monday it does not plan to seek the acquisition of NXP Semiconductors NV anymore despite Chinese President Xi Jinping noting Beijing is willing to reconsider the proposed $44 billion takeover it earlier rejected.
"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," a spokesperson for Qualcomm stated.
In July, Qualcomm decided to drop the offer for the Dutch semiconductor manufacturer as a result of the opposition of Chinese regulators to the acquisition. Over the weekend, United States President Donald Trump noted that his Chinese counterpart Xi Jinping told him during their meeting at the G20 summit in Argentina that he is "open to approving the previously unapproved Qualcomm-NXP deal should it again be presented to him."
