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NXP 'tired' of big deals after Qualcomm, but China open to more talks

NXP Semiconductors NV CEO Rick Clemmer said the company will not consider any more big acquisitions after its two-year bid to sell to Qualcomm Inc. fell through and left its management team "fatigued and tired" by the regulatory process, the Financial Times reported July 26.

"There has been a lot of uncertainty and anxiety that we've had for the last few years," Clemmer said.

Speaking to the FT about Chinese regulators, he said: "There is nothing about the transaction that they had an objection to that there were not remedies provided. There is no clarity in China whatsoever."

Meanwhile, China's State Administration for Market Regulation said proposals from NXP Semiconductors and Qualcomm to solve antitrust concerns on their now-scrapped $44 billion merger were not sufficient, Reuters reported July 27, citing a statement.

The regulator said it is open to continuing negotiations even after the two companies failed to get China's approval. The deal expired July 25. The administration said the current review period will expire Aug. 15, with an extended deadline Oct. 14.

"We hope to continue to communicate with Qualcomm and that we can find a suitable solution to resolve the issues within the review period," the State Administration for Market Regulation said.

It said this even as Qualcomm and NXP announced share buybacks July 26 to compensate investors for the collapse of the deal and NXP said it had received a promised $2 billion break fee from Qualcomm.