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ASX - ASE Technology Holding Co News Story

$4.76 -0.0  -0.1%

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Sector
Technology
Size
Large Cap
Market Cap £7.83bn
Enterprise Value £12.24bn
Revenue £10.95bn
Position in Universe 758th / 6368

UPDATE 1-NXP Semiconductors sells China JV stake as Qualcomm takeover awaits Beijing nod

Wed 28th March, 2018 6:47am
(Adds NXP comment) BEIJING, March 28 (Reuters) - U.S. chipmaker NXP Semiconductors NV NXPI.O , the target of a $44 billion takeover by Qualcomm Inc QCOM.O that is awaiting approval by Chinese anti-monopoly regulators, has sold its stake in a Chinese chip-design joint venture. NXP sold its 40 percent of Suzhou ASEN Semiconductors Co Ltd to Taiwanese venture partner Advanced Semiconductor Engineering Inc 2311.TW for $127 million, according to a stock exchange filing on Tuesday. The sale could potentially help ease competition concerns by lowering NXP's exposure to the Chinese market as the country's commerce ministry considers Qualcomm's takeover bid. Qualcomm has received approval from the other eight of nine required regulators to finalise its acquisition. urn:newsml:reuters.com:*:nL8N1PD4I0 In January, NXP announced the end date for the transaction was extended to April 25, following multiple prior extensions. A spokesman for NXP said the transaction was "part of the usual pruning of NXP's asset portfolio," and not related to the acquisition. Qualcomm and the commerce ministry did not immediately respond to Reuters' requests for comment on Wednesday. Chinese regulators are considering the deal at a time of heightened trade tension between China and the United States over a proposed U.S. plan to introduce tariffs on imports from China, including in high-tech sectors. urn:newsml:reuters.com:*:nL3N1R85SF Last month, the U.S. government blocked the acquisition of Qualcomm by Singapore's Broadcom Ltd AVGO.O , citing national security concerns and worries about China gaining the upper-hand in fifth-generation (5G) mobile network technology. urn:newsml:reuters.com:*:nL3N1QW471 <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ EU antitrust regulators clear Qualcomm purchase of NXP urn:newsml:reuters.com:*:nL8N1PD4I0 U.S. seeks China trade moves on autos, financials, chips -source urn:newsml:reuters.com:*:nL3N1R85SF Broadcom ends bid for Qualcomm after President Trump nixes deal urn:newsml:reuters.com:*:nL3N1QW471 ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Cate Cadell; Editing by Adam Jourdan and Christopher Cushing) ((Cate.Cadell@thomsonreuters.com; +8618510722863;))
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