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Qualcomm Prepares to Drop Acquisition for NXP as China Stands in the Way

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Qualcomm Inc, the world's biggest maker of chips for mobile phones, said on Wednesday it would drop its $44 billion bid for NXP Semiconductors after failing to secure regulatory approval from China against a backdrop of widening trade tensions.

“We intend to terminate our purchase agreement to acquire NXP when the agreement expires at the end of the day today, pending any new material developments,” Qualcomm’s chief executive officer, Steve Mollenkopf, said in a statement on Wednesday afternoon . . .

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