Broadcom ends bid for Qualcomm after President Trump nixes deal

Broadcom boss 'will beat Trump deal block'

Broadcom boss 'will beat Trump deal block'

Earlier this week-and in between, um, some management shuffles-President Trump blocked Broadcom's $117 billion bid, citing national security concerns around 5G wireless technology in particular.

The hostile takeover - Qualcomm had rejected Broadcom's offer - had been under investigation by the Committee on Foreign Investment in the United States, or CFIUS.

Qualcomm has always been a leader in previous iterations of broadband cellular network technologies like 3G and 4G and poured research and development money into developing 5G technology and related standards and practices.

The deal would have created the world's number three semiconductor company with a leading market share in smartphones, auto electronics and industrial internet devices.

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In a presidential order, Trump claimed that "credible evidence" had led him to believe that if Broadcom were to acquire control of Qualcomm, it "might take action that threatens to impair the national security of the United States".

In addition, lawmakers have expressed concerns in the past about foreign companies gaining a foothold in US telecom infrastructure, which could lead to spying or cybertheft.

The Presidential order is seen as a move to shelter United States companies from foreign competition.

The Treasury argued in its letter that any setback to Qualcomm's development of 5G technology could allow Chinese competitors like Huawei to gain ground. The merger would have put one of America's largest mobile chipmakers in the hands of a company based in Asia, a region that has been racing against American companies to develop the next generation of mobile technology.

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Tan has already turned Avago, a small chipmaker with a market value of US$3.5 billion in 2009, into a more than US$100 billion company.

The Committee on Foreign Investment in the United States, which reviews the national security implications of foreign investments in USA companies, cited concerns about Broadcom's penchant for cutting costs such as research spending. Morningstar analyst Brian Colello expects Broadcom to hunt for more deals once it moves to the U.S.

"Given well-known US national security concerns about Huawei and other Chinese telecommunications companies, a shift to Chinese dominance in 5G would have substantial negative security consequences for the United States".

Now that Broadcom has withdrawn its offer, and its nominated directors, it remains to be seen what's going to happen next.

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