US President was not Exactly the best seller for NXP

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Since then, Qualcomm has paid a Dollars 2 billion breakup fee to NXP for the failed deal and commenced a share repurchase program it had promised its shareholders, should the deal fall through.

Qualcomm told Reuters that although it welcomed the development, the deadline for the deal to be completed had passed and it had no interest in resurrecting the deal.

The company in an email stated that "While we were grateful to learn of President Trump and President Xi's comments about Qualcomm's previously proposed acquisition of NXP, the deadline for that transaction has expired, which terminated the contemplated deal".

"Qualcomm considers the matter closed", a Qualcomm spokesman said.

Qualcomm said in a court hearing that Apple is $7 billion behind in patent royalty payments to the company, that supplie parts for the iPhone.

Qualcomm scrapped its proposed $44 billion (R 602 bn) bid for rival chip-maker NXP in July after an nearly two-year wait for approval, as tensions between the USA and China escalated.

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Chinese regulators did not have immediate comment.

The Trump administration had unsuccessfully lobbied the Chinese government earlier this year to give its blessing to the deal.

Qualcomm had sought to purchase NXP because of its market position as a dominant supplier to the automotive market, as auto makers add more chips to vehicles each year. In July, Qualcomm paid NXP $2 billion to completely terminate the planned merger. It spent $22.6 billion on buying its own stock in the 12-months ended September, using up cash reserves that had been intended for the NXP acquisition. In July 2018, the deal finally fell apart when China disapproved the deal.

Recently U.S. President Donald Trump and Chinese President Xi Jinping agreed on a 90-day truce on additional tariffs as both sides are looking to de-escalate tensions in a trade war that is proving damaging to both.

USA lawmakers also passed reforms earlier this year that increased CFIUS' scrutiny of deals.

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