Qualcomm appears to be putting its plans to acquire Intel on hold. The company says it has “no major acquisitions imminent.”

The rumor that Qualcomm wanted to take over Intel sent a shock wave through the tech world at the end of September. The biggest takeover of all time seems unlikely to materialize. Qualcomm appears to be backing down. CEO David Amon tells Bloomberg that there are currently no plans for “major acquisitions.”

Unlikely

A merger between Qualcomm and Intel seemed unlikely from the start. It would be very difficult to obtain regulatory approval for an acquisition of this size. Additionally, Qualcomm has a less than positive history with the next President of the United States. But the deal would also be scrutinized in China.

The fact that Qualcomm had the right to acquire Intel in the first place highlights the problems at Intel. If things were going well for Intel, the company would always have been out of reach. Intel has been in a difficult situation for some time and the company’s stock market value has plummeted. Intel’s total value is currently around $100 billion.

Better together

Intel itself has never given the impression that it wants to accept Qualcomm’s offer. CEO Pat Gelsinger is confident he can stem the tide. Intel recently announced major reforms. “Together we are better” is Intel’s strategy, Gelsinger confirmed to Bloomberg. At the same time, there are no sacred cows: some divisions like Altera have been put on display.

It remains to be seen whether Qualcomm will finally decide to take over Intel. Interest could revive at a later date, or Qualcomm could focus on smaller parts of Intel. Qualcomm won’t be able to easily beat Intel in the PC market. If you can’t beat them, buy them is a tried and tested recipe in the technology industry.