Qualcomm says it has 'no plans' to revive failed NXP bid
05 December, 2018, 10:44 | Author: Mary Valdez
Talks between US President Donald Trump and Chinese President Xi Jinping at the recent G20 summit in Argentina led to a softening in the relationship and a standstill agreement in the trade war while negotiations continue. After the talks, the Chinese government said it is "open to approving the previously unapproved" Qualcomm - NXP deal, "should it again be presented". In July 2018, the deal finally fell apart when China disapproved the deal.
On Monday, San Diego-based Qualcomm said there are no plans to resurrect the merger.
"Qualcomm considers the matter closed and is fully focused on continuing to execute on its 5G road map", it added.
NXP has also announced its own US$5 billion share buyback programme.
The failure of the $44 billion merger deal was expensive for both sides: Qualcomm had to pay NXP a $2 billion breakup fee, and both Qualcomm and NXP launched huge share buybacks to mollify annoyed investors.
Qualcomm first offered to buy NXP, which is based in the Netherlands, for about $38 billion in October 2016.
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Despite efforts from both and USA 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.
The trade dispute was instigated by Trump, who is displeased with the United States' trade deficit with China. It is important to note that China initially withholds the approval of the merger between the two chipmakers.
Stacy Rasgon, an analyst with Bernstein Research, said in a research report that it would be risky to attempt a repeat of the NXP deal.
In addition, Qualcomm has already moved ahead with a $30 billion stock buyback in the wake of the original acquisition failure, with $21 billion already spent, "making it significantly more hard to re-engage on a deal", said Rasgon. The statement came last Saturday at a dinner during which President Trump also declared a temporary hold on a planned increase in tariffs.
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