Chinese Ministry of Commerce likely to temporarily reject Qualcomm's acquisition
ANBOUND
Gao Feng, the spokesman for Chinese Ministry of Commerce stated that the Ministry is reviewing Qualcomm's acquisition of shares in NXP Semiconductors. As this transaction will have a profound effect on the industry, it may be detrimental to market competition. Gao Feng said that as for the remedial measures proposed by Qualcomm, the preliminary feedback from market research conducted by the investigation agency concluded that Qualcomm's solution is difficult to solve the relevant market competition issues. This means that the Ministry of Commerce is likely to temporarily reject Qualcomm's acquisition.