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Qualcomm Inc. (QCOM - Get Report)  said Monday it is no longer attempting to acquire Dutch chipmaker NXP Semiconductors NV (NXPI - Get Report)  and considers its pursuit of any arrangement closed.

Reuters reported earlier that Qualcomm made the comments in an email: "While we were grateful to learn of President Trump and President Xi's comments about Qualcomm's previously proposed acquisition of NXP, the deadline for that transaction has expired, which terminated the contemplated deal. Qualcomm considers the matter closed."

The White House said over the weekend that Chinese President Xi Jinping said he would consider approving the deal if brought to him again after it held up the deal for many months in its past iteration.

In July the chipmaker said it would walk away from its purchase of NXP. At the same time, it unveiled a $30 billion share buyback.

In a September discussion with analysts, NXP's CEO Rick Clemmer laid out the chipmaker's plans after the sale withered.

"The bottom line is the Qualcomm transaction would have created the industry powerhouse," Clemmer told analysts. "It didn't happen." Qualcomm terminated the acquisition in July, after failing to receive clearance from China's Ministry of Commerce. Clemmer described the deal and extended regulatory review as a "21-month pause."

As the Dutch semiconductor company moves on from Qualcomm, Clemmer said NXP could pursue modest deals such as its purchase of automotive Ethernet technology company OmniPhy announced earlier in September.

NXP's deal team has been busy for the last few years. Alongside the Freescale deal, NXP sold its RF Power business to Jianguang Asset Management Co. Ltd for $1.8 billion. The company then sold its Standard Products business to Beijing Jianguang Asset Management Co. Ltd and Wise Road Capital LTD for $2.75 billion, during its 21-month odyssey with Qualcomm. "The team's tired of transactions," Clemmer said.

Capital returns to shareholders are a priority. "We know whom the cash belongs to," CFO Peter Kelly said.

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