No new bid for NXP Semiconductors: Qualcomm Inc

A Qualcomm chip inside an Apple iPhone 6 smartphone

President Donald Trump says China is willing to approve a major merger between American chip maker Qualcomm and rival NXP.

Acquisitions of USA companies by Chinese companies, on the other hand, have been few and far between in the previous year, after the Committee on Foreign Investment in the United States (CFIUS), a government panel that scrutinizes deals for potential national security risks, shot down more of these deals, such as Ant Financial's plan to acquire U.S. money transfer company MoneyGram International.

According to Qualcomm, the deadline for any transaction has expired thus terminating any deal.

Trump and Chinese President Xi Jinping met in Buenos Aires Saturday, and Trump told reporters that Xi said he would reconsider China's prior decision to withhold approval of the planned $44 billion merger between Qualcomm and NXP.

The Qualcomm - NXP deal is dead and will remain dead, despite the best efforts of the United States and Chinese government to revive it, Reuters is reporting.

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"Qualcomm considers the matter closed", a Qualcomm spokesman said.

Chinese regulators did not have immediate comment.

According to reports, Qualcomm and NXP have been patiently waiting for two years to win the regulatory approval from China.

Qualcomm has stated publicly that they have moved on from the deal and already paid NXP the $2 billion cancellation fee from their original agreement. The massive merger between Qualcomm and NXP have been approving in eight other jurisdictions. 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.

NXP is the world's largest chip supplier to the automotive industry and unlike smartphone markets - which have become mostly saturated in the US, China, and western Europe - autonomous driving remains an area of rapid growth with bags of future potential as AI technologies are rolled out.

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