Deals
China Deflects Blame for Qualcomm Nixing $44 Billion NXP Deal
- Beijing comments after both companies said deal terminated
- The landmark deal fell prey to a China-U.S. trade dispute
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China’s expressed regret over Qualcomm Inc.’s decision to scrap a $44 billion takeover of NXP Semiconductors NV, an apparent attempt to avoid blame after regulators failed to rule on what would have been the largest chip acquisition in history.
The takeover fell apart as tensions between China and the U.S. escalated and local regulators held off on clearing the deal -- months after every other relevant jurisdiction in the world had green-lit the bid. On Friday, the State Administration for Market Regulation said it’d given Qualcomm feedback on the deal but the company failed to address its concerns. The Chinese agency added it was extending its review, despite declarations from both Qualcomm and NXP that the deal was dead.