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MarketScreener Homepage  >  Equities  >  Nasdaq  >  NXP Semiconductors NV    NXPI   NL0009538784

NXP SEMICONDUCTORS NV (NXPI)
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Delayed Quote. Delayed  - 08/17 10:00:00 pm
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Qualcomm-NXP deal still waiting for China nod: sources

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06/15/2018 | 03:13pm CEST
FILE PHOTO: A sign on the Qualcomm campus is seen in San Diego

BEIJING/SHANGHAI (Reuters) - China is yet to approve U.S. chipmaker Qualcomm Inc's proposed $44 billion acquisition of NXP Semiconductors, three people close to the talks said, dismissing an earlier media report that said Beijing had already greenlit the deal.

Chinese clearance would remove a long-running roadblock to the deal that has become entangled with broader trade tensions between the United States and China. The acquisition has already got a nod from eight of the nine required global regulators, with China being the only hold-out.

Hong Kong-based South China Morning Post reported on Friday morning that China had given its go-ahead to the deal, citing people with knowledge of the matter, driving up shares of the U.S. firm in extended trade.

But Reuters sources, who are close to the Qualcomm-NXP deal, said they were not aware of any Chinese approval. One of them said planned U.S. tariffs on Chinese goods expected to be unveiled later in the day could impact the process.

Qualcomm did not have an immediate comment on Friday, while NXP did not respond to a request for comment.

China's State Administration for Market Regulation, the regulator which reviews merger deals, did not immediately respond to a faxed request for comment.

Qualcomm met with regulators in Beijing last month in a bid to secure a clearance, but sources at the time said an approval would depend on the progress of broader bilateral talks and the U.S. government lifting a crippling supplier ban on telecoms equipment maker ZTE Corp.

Washington and Beijing have struck a deal to help ZTE back into business. However, trade talks remain in the balance with U.S. President Donald Trump expected to unveil "pretty significant" tariffs on Chinese goods on Friday.

Analysts said a Chinese approval would be significant as it would remove the last major barrier to the NXP deal, which is seen as key for Qualcomm to diversify its business and make a push into new areas like smart cars.

The U.S. chipmaker on Friday extended its cash tender offer to buy all shares of NXP by a week.

The offer is now scheduled to expire on June 22, the latest in a series of extensions since Qualcomm initially announced its bid for the Dutch semiconductor company in October 2016.

(Reporting by Michael Martina and Matthew Miller in BEIJING, Adam Jourdan in SHANGHAI and Nikhil Subba and Arjun Panchadar in BENGALURU; Editing by James Dalgleish, Grant McCool and Himani Sarkar)

Stocks mentioned in the article
ChangeLast1st jan.
NXP SEMICONDUCTORS NV 0.15% 89.77 Delayed Quote.-23.33%
QUALCOMM 0.46% 66.06 Delayed Quote.3.19%
ZTE CORPORATION --End-of-day quote.
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Financials ($)
Sales 2018 9 437 M
EBIT 2018 2 667 M
Net income 2018 409 M
Debt 2018 1 147 M
Yield 2018 -
P/E ratio 2018 53,04
P/E ratio 2019 37,31
EV / Sales 2018 3,41x
EV / Sales 2019 3,01x
Capitalization 31 061 M
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Number of Analysts 19
Average target price 107 $
Spread / Average Target 19%
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Managers
NameTitle
Richard Lynn Clemmer President, CEO & Executive Director
Peter Leahy Bonfield Chairman
David W. Reed Executive Vice President-Technology & Operations
Peter Kelly CFO, Principal Accounting Officer & Executive VP
Johannes Peter Huth Vice Chairman
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