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AFP
March 14, 2018

Broadcom's bid blocked

Business

AFP
March 14, 2018

San Francisco: US President Donald Trump blocked an unsolicited bid by Singapore-based Broadcom to take over smartphone chipmaker Qualcomm, citing national security concerns.

Trump issued an order barring the proposed mega-acquisition, saying there is credible evidence such a deal "threatens to impair the national security of the United States," according to a White House statement.

The order came despite Broadcom´s assurances that it would complete its move to the United States by early April, ahead of a previously-planned Qualcomm shareholder vote on the $117 billion deal -- meaning any national security concerns were moot.

"Broadcom strongly disagrees that its proposed acquisition of Qualcomm raises any national security concerns," the company said, adding that it was reviewing the order.

The Treasury Department said in a letter over the weekend that Broadcom had violated a Committee on Foreign Investment in the United States order on three separate occasions by failing to give advance notice before taking actions such as lodging takeover-related securities filings in the United States.

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