China’s Ministry of Commerce (MOFCOM) denied on Thursday, July 26, that its tariff dispute with Washington was the reason for a lengthy anti-monopoly review that prompted US tech giant Qualcomm to drop its bid for NXP Semiconductors.
Qualcomm dropped the US$44 billion bid on Wednesday when its agreement expired without gaining Chinese approval. The delay, following US and European approval, prompted suggestions that Beijing was using the case as leverage in its dispute with Washington.
“As far as I know, the case is an anti-monopoly law enforcement issue and has nothing to do with Chinese-U.S. trade friction,” said MOFCOM spokesman, Gao Feng.
Mr. Gao gave no further explanation. China has scrutinized proposed mergers and acquisitions more aggressively than some other governments.
Full Content: The New York Times