Xi Open to Blessing Qualcomm-NXP Deal if Presented Again, US Says

Xi Open to Blessing Qualcomm-NXP Deal if Presented Again, US Says

Xi Open to Blessing Qualcomm-NXP Deal if Presented Again, US Says

Popular US-based mobile chip maker Qualcomm could still reconsider a move to buy NXP after Chinese President Xi Jinping's statement at the G20 Summit that the matter could be revisited, suggests an analyst for TrendForce based out of Taipei.

Qualcomm has said there is no chance of it reviving the proposed takeover of Dutch rival NXP Semiconductors despite an apparent thawing in political opposition.

"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", a Qualcomm representative told Reuters via email.

Senior Chinese officials did not mention this deal in a news conference.

A victim of tension between the United States and China, Qualcomm and NXP had waited forregulatory approvals for almost two years before Xi's administration let the clock run out. NXP has also announced its own $5 billion share buyback program.

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

The Chinese government's top diplomat, State Councillor Wang Yi, was less specific, telling reporters China will import more products, based on market demand, from the United States in efforts to gradually ease imbalances in two-way trade.

"If that deal came back to him, he would most likely approve it quickly", Trump said.

After the meeting, Trump said they had reached an "incredible deal". The $3.4 billion (about Rs. 24,000 crores) deal, announced in March, is still awaiting Chinese regulatory approval.

"This was an wonderful and productive meeting with unlimited possibilities for both the United States and China", Trump said on Saturday.

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.

Despite efforts from both and United States and China to simmer down the heightened trade tensions between world's biggest economies, it seems things aren't exactly playing out the way they were supposed to.

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