An article written by Ian King for Bloomberg – One of the tech industry’s largest ever-deals made it all the way to Beijing, but no further. Qualcomm Inc. has scrapped its $44 billion bid for rival chipmaker NXP Semiconductors NV after China failed to approve the deal. The takeover may be the highest profile victim yet of the trade spat between China and the U.S., with every other jurisdiction in the world clearing the bid months ago.
Qualcomm formally walked away on Thursday following a deadline of midnight in New York on July 25. China commerce ministry spokesman Gao Feng said the deal has nothing to do with trade tensions, but concerns market monopolies.