Mobile chip giant Qualcomm is no longer pursuing Dutch semiconductor maker NXP. The former has been trying to take over NXP for almost two years now, but the current geopolitical environment is making the $44 billion takeover extremely difficult. Qualcomm dropped its bid yesterday amidst expectations that China's antitrust regulators would shoot down the deal. Commentators see the Chinese inaction as retaliation for President Trump's focus on Chinese imports.
The companies’ agreement expired just before midnight in New York on Wednesday without any indication that they had obtained antitrust clearance from Beijing, despite the deal getting sign-off from eight other regulators around the world.
After being shielded by the Trump administration from Broadcom’s hostile approach four months ago, Qualcomm has now become the highest-profile American victim of the US-China trade war.