President Blocks Broadcom's Plan To Take Over Qualcomm
17 March, 2018, 01:36 | Author: Regina Lloyd
Earlier this month, the Committee on Foreign Investment in the United States, which reviews the national security implications of foreign investments in USA companies, cited concerns about the proposed Broadcom-Qualcomm marriage.
The Singapore-based company also withdrew its list of directors that were nominated for election to Qualcomm's board.
On top of that, China, the USA and Europe are racing to develop the next generation of wireless data network, called 5G, for mobile phones and increasingly connected devices. At the time, US President Donald Trump called it "one of the really great, great companies".
Buying Qualcomm would have make Broadcom the third-largest chip maker, behind Intel Corp. and Samsung Electronics Co. Qualcomm said that Broadcom was fundamentally underestimating the company's value.
Broadcom issued a statement after hearing the White House's decision stating that it "is reviewing the order" and underlining its "total disagreement" with the claim that the proposed transaction represents a problem for U.S. national security.
It's defensible if his decision was based on a reasonable suspicion Qualcomm's trailblazing research into 5G wireless technology might be transferred to Chinese tech companies that Broadcom has relationships with.
Trump had instructed Broadcom to back off after a USA panel charged with reviewing foreign acquisitions of domestic companies suggested that the deal could impede American technological competitiveness.
"Although we are disappointed with this outcome, Broadcom will comply with the order". The company said Wednesday that it would continue with those plans.
Treasury Secretary Steven Mnuchin, in his capacity as the chair of the CFIUS, said Trump's decision was consistent with the administration's commitment to take all actions necessary to protect the national security of the US.
The order quashing the Broadcom-Qualcomm deal is being met with a wide range of reactions. According to Bloomberg, the company is now working to shift its headquarters from Singapore to the U.S. The transition is expected to be completed by April 3. In September, Trump blocked a Chinese state-owned company from acquiring an American semiconductor firm.
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