BEIJING (AP) — China's government says tech giant Qualcomm Inc. failed to resolve anti-monopoly regulators' concerns about its proposed takeover of NXP Semiconductors in a case seen as a possible casualty of U.S.-Chinese trade tensions.
The State Administration for Market Regulation's announcement Friday followed a government spokesman's denial that a lengthy anti-monopoly review, which prompted Qualcomm to drop its bid this week, was linked to Beijing's tariff dispute with Washington.
The regulator said on its website a plan submitted by Qualcomm "cannot resolve competition concerns." It gave no other details.
Qualcomm dropped the $44 billion bid Wednesday when its agreement expired without Chinese approval. The delay following U.S. and European approval prompted suggestions Beijing was using the case as leverage in its spiraling dispute with Washington.