Author: Don Clark / Source: New York Times
SAN FRANCISCO — The finger-pointing over the scuttled $44 billion transaction between the chip makers Qualcomm and NXP Semiconductors has begun.
Richard Clemmer, chief executive of NXP, had some harsh words on Thursday for officials in China over the deal’s collapse amid a trade war between Washington and Beijing. The acquisition was terminated after it failed to secure regulatory approval from Chinese authorities before a deadline set by the companies at midnight Eastern time on Wednesday.
In an interview on Thursday, Mr. Clemmer said Chinese authorities gave no explanation for withholding approval for the transaction. He said that there were no government requirements or regulations that the deal did not meet, adding that Qualcomm and NXP had both agreed to undisclosed concessions to address antitrust concerns raised by Chinese authorities.
“For the issues they raised, remedies were provided and they agreed on those remedies,” Mr. Clemmer said of Chinese officials. “There was no clear explanation of why they wouldn’t approve it.”
Mr. Clemmer and NXP had tried for nearly two years to get the deal done. In 2016, Qualcomm and NXP had struck an agreement to combine. But the transaction could not be completed until it had obtained regulatory approval from nine jurisdictions. Eight of those, including the United States, had approved the deal; China had been the lone…
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