Qualcomm admitted defeat in its attempted $44bn takeover of Dutch chipmaker NXP, after failing to win approval from Chinese regulators for what would have been the semiconductor industry’s largest ever takeover. 

The companies’ agreement expired just before midnight in New York on Wednesday without any indication that they had obtained antitrust clearance from Beijing, despite the deal getting sign-off from eight other regulators around the world. 

After being shielded by the Trump administration from  Broadcom’s hostile approach four months ago, Qualcomm has now become the highest-profile American victim of the US-China trade war. China’s inaction on regulatory approval has been seen as retaliation for President Donald Trump’s  tariffs on Chinese imports.