Trump blocks Broadcoms USD 117 billion bid to buy Qualcomm

Trump blocks Broadcom's $117 billion bid for Qualcomm out of national security concerns, a highly unusual move

"The proposed takeover of Qualcomm by the Purchaser is prohibited", the president said in his order, "and any substantially equivalent merger, acquisition, or takeover, whether effected directly or indirectly, is also prohibited". The order came a week after the Committee on Foreign Investment in the United States, or CFIUS, expressed concern that the takeover of Qualcomm by Singapore-based Broadcom could leave the United States behind when it comes to mobile technology.

President Trump announced his decision shortly after meeting with both Hook Tan, CEO of Broadcom, and officials from the Committee on Foreign Investment in the United States (CFIUS).

"Any transaction or other device entered into or employed for the goal of, or with the effect of, avoiding or circumventing this order is prohibited", Trump wrote in the order.

Broadcom said it was reviewing Mr. Trump's order and disputed the notion that the bid posed a security threat.

A deal between Qualcomm and Broadcom could have given Huawei the chance to take over the top spot eventually.

"Countries around the world have been racing to develop technology for the new generation of wireless called 5G", she explains.

According to CFIUS, Broadcom had also not given any notice before relocating to the United States, as was required by an order stating a requirement of 5 days notice. Since it was reprimanded in early 2015 by the local authorities over its licensing practices, Qualcomm has put in place a series of technology and licensing deals with a string of China's leading device makers. The first is Intel Corp, the American computing giant who considered buying Broadcom themselves in order to prevent the threatening merger of the two rival manufacturers. "What is unusual is blocking the sale on national security grounds for a non-defense-related company". "Having a well-known and trusted company hold the dominant role that Qualcomm does in the US telecommunications infrastructure provides significant confidence in the integrity of such infrastructure as it relates to national security".

The executive order also includes instructions for Qualcomm to accelerate its elections for its board of directors.

China is said to be the main reason behind Trumps decision, USA daily The New York Times said. "These ties were most recently reflected in the agreements Broadcom signed with HBC, Inspur and StarTimes.�China has a finely honed capability to access the technology of companies such as Broadcom, along with that of their subsidiaries and acquisitions", he said. The merger would have created a very large competitor for the USA chipmaker. "Better to keep it in American hands and protect American national security", Cotton said.


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