Qualcomm says it has 'no plans' to revive failed NXP bid

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Qualcomm had previously submitted a Dollars 44 billion bid for rivals NXP Semiconductors only to see the bid declined by Chinese regulators amid the escalating trade war between China and US, making the company a victim of the dispute.

The Chinese president would be open to approving the acquisition of NXP should Qualcomm propose again, according to the White House.

That may mean that NXP's board "could be open to the idea" of an acquisition if they are presented with another offer from Qualcomm, the analysts said.

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 US and China escalated.

Qualcomm had been trying to acquire NXP, best known for its semiconductor work in self-driving cars, for more than two years, but missed a deadline to confirm its continued interest in the deal after months of delays from Beijing and paid NXP $2 billion to terminate the transaction. Chinese regulators declined to clear the deal, though the country later expressed regret over the transaction's collapse.

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On the weekend the USA and China announced an agreement that will ward off an escalation of the trade war over a 90-day period of negotiations.

Qualcomm walked away in July from the proposed acquisition of NXP after failing to secure Chinese regulatory approval, becoming one of the most high-profile victims of the escalating US-China trade war at the time.

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. Qualcomm has a large presence in China so they were not left with any real options except to cancel the deal.

A Qualcomm representative didn't immediately respond to a request for comment.

Telecommunications company Qualcomm ruled out any chance of a return to its abandoned bid for NXP Semiconductors NV after USA and Chinese political leaders appeared to open the way for possible approval of the transaction. The $3.4 billion (about Rs. 24,000 crores) deal, announced in March, is still awaiting Chinese regulatory approval.