NXP ready to go it alone after collapse of Qualcomm deal

DUTCH semiconductor company NXP has insisted it could go it alone after Chinese regulators refused to approve a $44bn (£35bn) takeover by its US rival Qualcomm, triggering the deal’s collapse.

NXP chief executive Rick Clemmer yesterday fought to allay investor fears after the deal, which was first announced in 2016, unravelled.

“It is an understatement to say we are all disappointed,” he said. “But we do not believe there is any value to dwell on what could have been.”

Qualcomm, which makes mobile phone processors, dropped a £33.5bn takeover of NXP at midnight on Wednesday after regulators in China held up the deal for two years.

Many observers interpreted China’s refusal to wave through the deal as a consequence of the Trump administration’s stance on tariffs and trade.

Us-listed NXP, which makes chips for smartphones and cars, reported revenues of $2.19bn for the three months to July, 5pc up compared to the previous year. Its shares fell 5.7pc.