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Broadcom drops its $117 billion bid for Qualcomm after Trump decision

17 March 2018, 01:40 | Melanie Burgess

Trump Blocks Broadcom's $117B Takeover Bid For Qualcomm

Trump blocks Broadcom's USD 117 billion bid to buy Qualcomm

Broadcom said in a statement regarding the order that the Singapore-based company "strongly disagrees that its proposed acquisition of Qualcomm raises any national security concerns".

Being based in the United States as opposed to Singapore should make it easier for Broadcom to make acquisitions of US companies without falling under the jurisdiction of the Committee on Foreign Investment in the United States (CFIUS). It added that "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 national security consequences for the U.S".

The Presidential order is seen as a move to shelter USA companies from foreign competition. Qualcomm said that Broadcom was fundamentally underestimating the company's value.

President Donald Trump hugs Broadcom CEO Hock Tan as Tan announces the repatriation of his company's headquarters to the United States from Singapore during a ceremony in the Oval Office of the White House on November 2, 2017.

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On the other hand, in a statement late Monday, Broadcom said it is now reviewing the order, but it "strongly disagrees that its proposed acquisition of Qualcomm raises any national security concerns".

But Washington has offered only scant evidence that Broadcom's purchase would endanger national security. Qualcomm had rejected Broadcom's unsolicited offer in February before the government stepped in. And while it is a Singapore company, the specter that Broadcom's acquisition of Qualcomm could advantage China (via Huawei) in the global race for telecommunications dominance - concerns outlined in a letter from CFIUS to the parties - was an important factor in the decision.

The members of CFIUS include the heads of the Departments of the Treasury (chair), Justice, Homeland Security, Commerce, Defense, State, Energy, the Office of the U.S. Trade Representative, and the Office of Science & Technology Policy. The Singaporean company said in a statement after that report that the probe is not directly related to the Qualcomm bid. John Cornyn of Texas and Tom Cotton of Arkansas, were among the first to urge CFIUS to investigate Broadcom's acquisition attempts.

"Such a company, if subjected to national or terrorist interests adverse to America, could install lockout features to block our security agencies from monitoring mobile data".

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