"Although we were pleased to hear from President Trump and President Xi about the previously proposed acquisition of NXP by Qualcomm, the deadline for that transaction has expired", said the company.
China and the United States agreed on Saturday to a truce in their trade war following talks between Chinese President Xi Jinping and US President Donald Trump on the sidelines of the G20 summit in Argentina.
US chipmaker Qualcomm Inc. has ruled out any possibility of a renewed bid for rival NXP Semiconductors after President Xi reopened the doors for a new bid during his meeting with President Trump over the weekend.
Qualcomm walked away in July from the mammoth deal to buy NXP after failing to secure Chinese regulatory approval.
According to Qualcomm, the deadline for any transaction has expired thus terminating any deal. "Qualcomm considers the matter closed". Chinese officials did not mention this item in their news conference.
Qualcomm had to pay NXP a $2 billion (approximately Rs. 14,100 crores) fee to terminate the deal. The deal however did not go through and was called off in July this year, due to a roadblock created by Chinese regulatory bodies.
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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.
By allowing the Qualcomm deal to run itself out, Beijing was seen to be flexing its economic muscles while retaining negotiating power with a Trump administration that has threatened to slap tariffs on virtually all Chinese imports.
The deal, which was originally announced in 2016, was approved by eight other regulators around the world.
In contrast, global smartphone shipments declined by 6 per cent year-on-year in the third quarter of 2018 as leading vendors, such as Samsung and Apple, and big markets including China, continue to face growth headwinds, IDC said last month. According to Bloomberg, China's Ministry of Commerce was concerned about Qualcomm's plans for patent licensing - but it is commonly supposed that the USA's threatened trade war with the country, in part down to a sales ban on ZTE products in the United States, was a major factor.
"If that deal came back to him, he would most likely approve it quickly, which is a big thing", said Trump according to reports from Buenos Aires.
China and the USA came to a limited agreement over the weekend concerning the ongoing trade war between the two countries.