The offer was part of an agreement struck by Xi and U.S. President Donald Trump over dinner on Saturday in Buenos Aires, where the pair negotiated a temporary cease-fire in the tit-for-tat trade war between the world's two largest economies.
In July, Qualcomm, which is based in California, confirmed that the company is terminating its proposed takeover of its rival NXP which is based in The Netherlands.
Chinese regulators have not made any immediate comment. The deal previously fell apart as it failed to secure Chinese regulatory approval. Qualcomm spent Dollars 22.6 billion on share buybacks in the 12-months ended September, using up the cash reserves it had set aside for the acquisition and ending any possibility of a renewed bid.
As of this writing, it is still not clear whether Qualcomm and NXP will pursue the merger again.
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According to Reuters, people close to the two companies have revealed that they did not lobby the U.S. government to bring up the aborted merger during the negotiations, and were surprised to see it resurface as an issue. Qualcomm even paid a $2 billion penalty in July for breaking off the merger.
After the meeting, Trump said they had reached an "incredible deal". It is important to note that both parties, Qualcomm and NXP, have already walked away from the deal. Mellanox did not immediately respond to requests for comment. According to Bloomberg, China's Ministry of Commerce was concerned about Qualcomm's plans for patent licensing - but it is commonly supposed that the USA's threatened trade war with the country, in part down to a sales ban on ZTE products in the U.S., was a major factor. It has spent more than $20 billion (roughly Rs. 1.4 lakh crores) in share buybacks in the last 12 months. The massive merger between Qualcomm and NXP have been approving in eight other jurisdictions.