Green light japanese imminent for Qualcomm/NXP, according to a source

BRUSSELS (Reuters) – chip maker Qualcomm (NASDAQ:QCOM) will receive the “imminent” the green light from japanese authorities for its proposed takeover of NXP Semiconductors for $ 38 billion (32 billion euros) and the authorization of the european Commission is expected to follow before the end of the year, said a source close to the dossier in Brussels.

The green light from competition authorities in japan and european will allow Qualcomm to hope to quickly complete the acquisition in order to better defend itself in the face of the subject of Broadcom (NASDAQ:AVGO), who intends to buy it back for $ 103 billion.

“The green light in japan is expected imminently,” said the source. “The european Commission should follow shortly after.”

The EC has until 15 march to decide.

According to the source, THIS will require that minor changes compared to the concessions proposed by Qualcomm on 5 October.

No comment could be obtained during the weekend with various parties.

Announced in October 2016, the proposed takeover of NXP has been authorised without conditions in April in the United States. The operation would be Qualcomm, a pioneer of semiconductors for smartphones, the world’s leading supplier of microchips to the automotive sector.

Qualcomm has rejected a 13 November the unsolicited bid from Broadcom, which said to maintain its claims.

(Foo Yun Chee, Véronique Tison for the French service)