Broadcom withdraws offer to acquire Qualcomm

Mr. Tan goes to Washington the undoing of Broadcom's $117-billion bid for Qualcomm

President Donald Trump on Monday issued an executive order effectively blocking Broadcom Ltd.'s $117 billion takeover bid for California-based Qualcomm Inc., citing national security grounds.

Shortly after President Donald Trump blocked chipmaker Broadcom's planned hostile takeover of rival Qualcomm last night, Broadcom said it "strongly disagrees" with that decision and is reviewing the president's order. In a presidential order, the president Mr. Trump told that reliable evidence led him to accept that if the Singapore-based Broadcom were given control of the Qualcomm, it might take action, which threatens in impairing the United States' national security.

To view the full article, register now. "It's very clear that 5G is important to the United States of America". And if the acquisition had gone through, then it would be the largest technology deal made in the pages of history.

Qualcomm, which is the dominant maker of microprocessors for smartphones, had rejected the unsolicited offers from Broadcom, which makes an array of chips for wireless communications, set-top boxes and electronic displays.

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Broadcom indicated in its statement it will move forward with its effort to move its headquarters back to the United States.

Trump's decision to block the Broadcom acquisition of Qualcomm could spell trouble in the future. So much so, that Intel was rumored to be looking into acquiring Broadcom to prevent the Qualcomm deal. Qualcomm said that Broadcom was fundamentally underestimating the company's value. "As the State Department Web site notes, the United States and Singapore have long enjoyed 'an expansive and enduring relationship based on mutual economic interests, robust security and defense cooperation.' When the president comes to San Diego on Tuesday, an explanation of his decision is needed - not just by residents but by nations that see themselves as US allies".

In such a scenario, Broadcom - which now works under the laws of Singapore - would have been considered as an American company and thus its proposed Dollars 117 billion would have been considered outside the preview of a federal agency - Committee on Foreign Investment in the United States (CFIUS) – that reviews foreign deal. Not long after, the Trump administration scuttled Alibaba-affiliated Ant Financial's bid to acquire Dallas-based fintech company MoneyGram International.

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