BEIJING (AP) — The Chinese government says Qualcomm Inc.’s plan for its $44 billion acquisition of NXP Semiconductors “has difficulty” resolving concerns of anti-monopoly regulators.
The Commerce Ministry spokesman’s comment Thursday was the first Chinese statement about the U.S. chip maker’s proposed acquisition since a trade dispute blew up between Beijing and President Donald Trump.
China is the final major government withholding approval of the deal. It would allow Qualcomm to broaden its product range after flourishing on the mobile phone boom.
The ministry spokesman, Gao Feng, said, “as for remedial measures already proposed by Qualcomm, the market test conducted by the investigating agency found Qualcomm’s plan has difficulty resolving the related market competition problems.”
Gao said Qualcomm withdrew its proposal for the deal Monday and submitted a new plan this week.