ANNOUNCEMENT 26 Jul 2018
July 26th, 2018 - Chinese authorities withheld approval of a multi-billion dollar merger between two chip manufacturers.
NUMBER OF INTERVENTIONS
Reuters, July 26th, 2018. 'Qualcomm ends $44 billion NXP bid after failing to win China approval'
Bloomberg, July 26th, 2018. 'Qualcomm Scraps NXP Deal Amid U.S.-China Trade Tensions'
On July 26th, 2018, the deadline for approval for an acquisition deal between the largest smartphone chip manufacturer in the world, US-based Qualcomm, and one of their rivals, Netherlands-based NXP, was exceeded, causing the deal to fall through. According to consistent press reports, this was due to the fact that the Chinese government had not yet given official approval for the deal under its competition law regulations. A Chinese official denied there was any link to trade frictions between the PRC and the US. Interestingly, previously a provisional go-ahead for the deal had been given.