President Blocks Broadcom's Plan To Take Over Qualcomm

President Blocks Broadcom's Plan To Take Over Qualcomm

The Singapore-based company also withdrew its list of directors that were nominated for election to Qualcomm's board.

Deal opponents, including the Committee on Foreign Investment in the United States, were concerned that Qualcomm would fall under the control of an Asian company that operates within China's sphere of influence.

Although its name isn't widely known outside the technology industry, Qualcomm is one of the world's leading makers of the processors that power many smartphones and other mobile devices. Although the CFIUS review process is voluntary, if the parties to a transaction do not submit it for review and approval, CFIUS may initiate such a review at any time thereafter, require mitigation of the transaction, or even recommend that the president order a divestiture of the foreign person's acquired interests.

Citing unnamed "people familiar with the matter", The Wall Street Journal yesterday reported that should Broadcom appear likely to take over Qualcomm, Intel "could step in with its own offer for Broadcom".

Broadcom in Cambridge is anchored on the Science Park while Qualcomm is based at Cambridge Business Park just across the road. The blocking of this deal may be based on legitimate national security justifications, but some speculate that CFIUS is being used as another tool to achieve the Trump administration's America-first foreign policy and economic objectives.

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"Although we are disappointed with this outcome, Broadcom will comply with the order".

"I$3 f the decision was prompted by Trump's deep skepticism about global trade and Fortress America instincts, that is less defensible and could haunt USA companies in their worldwide dealings", according to the editorial.

Headlined simply "Trump Was Right To Block Merger", the Times explained that Trump's pre-emptive move to prevent Singapore company Broadcom Limited's purchase of the largest domestic semiconductor manufacturer made sense considering the sensitive nature of computer chips.

In a statement, Broadcom said it "strongly disagrees" that the acquisition raises any national-security concerns. The "national security" defense used to deflect the hostile takeover may turn out to be a double-edged sword. Led by Tan, a US-educated Malaysian entrepreneur, Broadcom grew largely through acquisitions.

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

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