By Micah Maidenberg

Qualcomm Inc. plans to walk away from its $44 billion takeover of a Dutch chip maker after it failed to secure approval for the proposed deal from Chinese regulators.

Chief Executive Steve Mollenkopf said in a statement Wednesday the company would abandon from its planned acquisition -- a deal almost two years in the making -- of NXP Semiconductors NV by the end of Wednesday, barring a last-minute reversal.

Instead, Mr. Mollenkopf said Qualcomm will initiate a new stock buyback program of up to $30 billion, assuming the deadline is terminated. The company would also pay NXP a $2 billion breakup fee.

Shares in Qualcomm rose 4.7% in after-hours trading.

(END) Dow Jones Newswires

July 25, 2018 16:30 ET (20:30 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
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