NXP Semiconductors gains on report about potential Samsung takeover
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NXP Semiconductors (NASDAQ:NXPI) rose 8.2% on a report that Samsung Electronics (OTC:SSNLF) plans to acquire the semiconductor company.
Samsung's "de facto" leader Lee Jae-yong will talk about a possible deal during his visit to Europe from June 7-18, according to an Asian Tech Press report.
Speculation about a potential Samsung takeover of NXPI has been circulating for the last few years. In August The Korea Times reported that Samsung (OTC:SSNLF) was unlikely to target NXPI for a potential acquisition as the company is too big and antitrust may be problematic. NXPI was on Samsung's shopping list, but Samsung was having second thoughts due to NXPI's size, according to the report.
The Korea Times
also reported in early February 2021 that Samsung wanted to acquire an auto chip company with NXP, Infineon (OTCQX:IFNNY), Renesas (OTCPK:RNECF) and Texas Instruments (TXN) among potential targets.
Recall that Qualcomm (QCOM) attempted to purchase NXPI in 2018, though Qualcomm walked away at least partly due to trade tensions between the U.S. and China.