White House economic adviser Larry Kudlow said on Monday that President Donald Trump put the issue of USA chipmaker Qualcomm Inc's now abandoned acquisition of Dutch peer NXP Semiconductors NV on the table for talks with Chinese President Xi Jinping.
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 USA company has denied the possibility for now, said a Taipei-based analyst on Monday.
Qualcomm scrapped its proposed $44 billion 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 considers the matter closed and is fully focused on continuing to execute on its 5G roadmap". NXP declined to comment. Qualcomm used share buybacks of $5 billion to try to maintain its stock price for their shareholders after the deal was cancelled.
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"If that deal came back to him, he would most likely approve it quickly, which is a big thing", said Trump according to reports from Buenos Aires. Qualcomm has a large presence in China so they were not left with any real options except to cancel the deal. The scuppered deal was thought to be hurt by the China-US trade dispute.
"This was an unbelievable and productive meeting with unlimited possibilities for both the United States and China", Trump said on Saturday. According to Bloomberg, China's Ministry of Commerce was concerned about Qualcomm's plans for patent licensing - but it is commonly supposed that the USA's threatened trade war with the country, in part down to a sales ban on ZTE products in the United States, was a major factor. The $3.4 billion (about Rs. 24,000 crores) deal, announced in March, is still awaiting Chinese regulatory approval.
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.