New York (CNN Business) President Donald Trump says China is willing to approve a major merger between American chip maker Qualcomm and rival NXP. One problem: It's too late.

Qualcomm said Monday the clock ran out on the merger, and it is ready to move on.

"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," a Qualcomm spokesperson said in a statement. "Qualcomm considers the matter closed and is fully focused on continuing to execute on its 5G roadmap."

California-based Qualcomm ( QCOM ) confirmed in July it was terminating its proposed takeover of Dutch counterpart NXP ( NXPI ) after China failed to grant it regulatory approval. Qualcomm even paid a $2 billion penalty in July for breaking off the merger.

A victim of tension between the United States and China, Qualcomm and NXP had waited for regulatory approvals for nearly two years before Xi's administration let the clock run out. The takeover had been approved in eight other jurisdictions, including the European Union and South Korea, since it was announced in October 2016.

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