Qualcomm says no plans to revisit NXP takeover

Qualcomm said that it has no plans to re-enter its agreement to acquire rival NXP

With NXP being the biggest supplier to the industry, Qualcomm could be forced to reopen the deal amidst a grim outlook for the mobile chip industry in the coming months.

At the time, the collapsed merger was considered one of the major casualties of the trade war between China and the US.

In July, Qualcomm, which is based in California, confirmed that the company is terminating its proposed takeover of its rival NXP which is based in The Netherlands.

Qualcomm said on Monday it was not looking to revive the acquisition.

Qualcomm said in a court hearing that Apple is $7 billion behind in patent royalty payments to the company, that supplie parts for the iPhone.

However, Reuters reports that Qualcomm representatives made it clear through an email, that the company considers the matter closed.

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The result ensures they stay top of the Western Conference after a good start to the season. We did some good things, and we didn't do some good things".

"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".

"Although that acquisition can not be resuscitated, Xi's comment reveals in plain sight that Chinese antitrust policy is inherently politicized", said Scott Kennedy, a China expert at the Center for Strategic and International Studies in a blog post.

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 USA and China escalated.

Qualcomm had to pay NXP a $2 billion (approximately Rs. 14,100 crores) fee to terminate the deal. Qualcomm has a large presence in China so they were not left with any real options except to cancel the deal. Mellanox did not immediately respond to requests for comment.

Qualcomm has already embarked on a plan to return the money it would have used to fund the NXP purchase through a $30 billion stock repurchase plan and more than $20 billion in share buybacks.

Regulators in eight countries approved the deal, including in the US and Europe.

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