Qualcomm-NXP deal: Xi says China open to approving

U.S. and China Talk Up Qualcomm-NXP Merger. There’s Just One Problem: The Deal Is Dead

China was "open to approving the previously unapproved" deal for Qualcomm to acquire NXP "should it again be presented", the White House said in a statement over the weekend after a meeting between Chinese and us leaders.

The offer was part of an agreement struck by Xi and U.S. President Donald Trump over dinner on Saturday in Buenos Aires, where the pair negotiated a temporary cease-fire in the tit-for-tat trade war between the world's two largest economies.

United States chipmaker Qualcomm Inc rejected a suggestion by the White House that its collapsed US$44 billion (RM184.1 billion) acquisition of Dutch peer NXP Semiconductors could be revived, saying the deal had been terminated as the deadline had expired. "Restarting the acquisition of NXP will help Qualcomm effectively disperse future operational risks without betting fully on smartphones", said Yao, adding that he believes the restart of the NXP deal should still be under consideration at Qualcomm despite its assertion the deal had been terminated as the deadline had expired.

Now, Yao, senior analyst at TrendForce says that Qualcomm could be forced to reconsider the move even after backing out because of unimpressive mobile chip sales this year.

The Trump administration had unsuccessfully lobbied the Chinese government earlier this year to give its blessing to the deal.

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California-based Qualcomm (QCOM) confirmed in July it was terminating its proposed takeover of Dutch counterpart NXP (NXPI) after China failed to grant it regulatory approval.

China's foreign ministry declined to comment on Qualcomm during a regular media briefing on Monday.

Qualcomm moved ahead with a stock buyback of about $30 billion that it had promised shareholders should the NXP deal fall apart.

After the meeting, Trump said they had reached an "incredible deal". Now, chip companies may be more optimistic about their regulatory chances in China. A successful acquisition of Mellanox could prove an important test of China's appetite to approve such deals. Mellanox did not immediately respond to requests for comment.

Qualcomm had formally abandoned the $44 billion deal in late July after the deadline passed while Chinese regulators remained silent, leaving the chip giant with a $2 billion termination fee.

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