US President was not Exactly the best seller for NXP
The American chip manufacturer Qualcomm no longer sees any salvation in an acquisition of its Eindhoven-based industry partner NXP. That made the company known Monday, after China has announced this weekend to approve a possible takeover.
“Although we were pleased to hear from President Trump and President Xi about the previously proposed acquisition of NXP by Qualcomm, the deadline for that transaction has expired”, said the company. “Qualcomm regards the issue as dismissed.”
The acquisition deal between Qualcomm and NXP, worth $ 44 billion, ceased earlier this year because China did not grant timely approval. Qualcomm withdrew its takeover bid when a deadline expired and not all approvals were received. The American chipmaker therefore had to pay a so-called ‘break-up fee’ of 2 billion dollars to NXP.