Skip to main content

Global mobile phone and electronic components maker Samsung Electronics (SSNLF) on Thursday denied reports that it is exploring making a bid for Dutch chip maker NXP Semiconductors (NXPI) - Get NXP Semiconductors NV Report .

Responding to Korea's PumaX financial news service, Samsung said it has "officially denied that it has reviewed the acquisition of NXP," further noting that earlier reports that it is considering an NXP acquisition "are not true."

Speaking to PumaX, Samsung Electronics said "[Vice President] Ahn Jung-hyun's trip to the United States is for business negotiations with its subsidiary, Harman, and it has nothing to do with acquisitions."

Ahn Jung-hyun also told the news service that "Sohn Young-kwon, president and CEO of NXP, has been in the same company in the past, so I have had a lot of personal meetings, and I nothing to do with mergers and acquisitions."

TheStreet Recommends

NXP is a semiconductor company that's a leader in the fast-growing market for automotive chips. It was founded by Philips with annual sales of $6.4 billion. Qualcomm (QCOM) - Get Qualcomm Inc Report had announced plans to acquire NXP in 2016, but the move was scuttled when Chinese regulators declined to approve the deal.  

Shares of NXP jumped on Wednesday on reports that acquisition talks with Samsung were on. They extended gains in early trading on Thursday, rising 1.7%, or $1.62, to $93.36 on the Nasdaq Stock Exchange.

Samsung recently debuted its foldable phone, dubbed the Galaxy Fold and starting at $1,980. It's scheduled to be available in the U.S. on April 26. It also released a new series of smartphones that analysts expect will be strong sellers -- and strong competitors to Apple's (AAPL) - Get Apple Inc. Report  iPhone.