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Report: Qualcomm close to securing Chinese approval for takeover of NXP

Qualcomm Inc. is close to securing Chinese regulatory approval for its $44 billion takeover of Dutch chipmaker NXP Semiconductors NV after the U.S. government said it would lift export restrictions on Chinese telecom company ZTE Corp., the Financial Times reported May 26.

Approval would remove the last hurdle for a deal that has been stuck for months amid U.S.-China trade tensions.

The Wall Street Journal reported that China's State Administration for Market Regulation, which has been conducting an antitrust review of the proposed deal, is scheduled to meet May 28 to discuss the matter.

A person briefed on Qualcomm's discussions with Chinese regulators told the Financial Times the Qualcomm and ZTE developments would "clear the decks" for Chinese and US negotiators to focus their discussions on bilateral trade imbalances and Chinese foreign investment and industrial development policies.