Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

Beijing official says Qualcomm-NXP deal looking more optimistic: WSJ

Published 05/18/2018, 01:15 PM
© Reuters. FILE PHOTO: A sign on the Qualcomm campus is seen in San Diego

(Reuters) - Qualcomm Inc's (O:QCOM) $44 billion deal to buy Dutch chipmaker NXP Semiconductors NV (O:NXPI) is looking "more optimistic now", the Wall Street Journal quoted a Beijing official as saying.

Shares of NXP were up 5.5 percent at $112.52 and Qualcomm was up 1.6 percent at $57.86 in late morning trade.

The deal has been approved by eight of the nine required global regulators, with only the Chinese Ministry of Commerce (MofCom) continually stalling the takeover amid U.S.-China trade tensions.

Qualcomm and NXP declined to comment, while MofCom did not immediately respond to a request for comment.

Sources with knowledge of the matter told Reuters on Tuesday that the proposed takeover had yet to see any concrete breakthrough in China.

However, Chinese regulators this week have cleared two big deals - Toshiba Corp's (T:6502) $18 billion sale of its chip unit to a consortium led by U.S. private equity firm Bain Capital, and Microchip's (O:MCHP) $8.35 billion deal to buy Microsemi (O:MSCC).

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.