Steve Mollenkopf, CEO of Qualcomm Inc., said the wireless giant will end its efforts to acquire Dutch company NXP Semiconductors NV.

The companies, which needed approval from Chinese regulators to move ahead, had previously extended the agreement through July 25.

Rising trade tensions between the governments of the U.S. and China stymied the proposed $44 billion deal, which was first announced in 2016 and received approval from eight of the nine regulatory bodies required for it to move ahead.

At day's end, Qualcomm will terminate the agreement, pending "any new material developments," Mollenkopf said.

He also said the company intends to buy back up to $30 billion in stock.

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