China Says Still Hopes To Find Solution On Terminated Qualcomm-NXP Deal

(RTTNews) - China's regulator said that proposals from Qualcomm Inc (QCOM) and NXP Semiconductors (NXPI) to solve antitrust concerns around their now terminated $44 billion merger had not been sufficient, but regulator still hopes to find a suitable solution within the review period.

China's State Administration for Market Regulation said that its deadline for the current Qualcomm review is August 15 and that the extended deadline is October 14, 2018.

Qualcomm, and NXP confirmed on Thursday that the deal had been terminated after failing to get China's approval.

The General Administration of Market Supervision noted that Qualcomm and NXP had decided to abandon the transaction due to the expiration of the agreed time limit between the parties. The General Directorate of Market Supervision respects the choice of both parties to the transaction. During the review process, the General Administration of Markets and Qualcomm maintained good communication and appreciated the positive cooperation of Qualcomm.

The General Administration of Market Supervision will strictly follow the provisions of the Anti-Monopoly Law, treat all types of enterprises at home and abroad fairly and fairly, and ensure that all market players participate in competition fairly. Companies from all over the world, including Qualcomm and NXP, are welcome to invest and do business in China.