President #Trump is blocking Singapore-based #chipmaker#Broadcom's from pursuing a hostile takeover of U.S. rival #Qualcomm, ruling the proposed combination would imperil #nationalsecurity. The decision, announced late Monday (Mar 12), abruptly ends Broadcom's four-month, $117bn bid to buy Qualcomm - a deal that would have been the largest ever completed in the #technologyindustry.
Broadcom faced challenges almost from the start of its quest. Qualcomm quickly spurned its unsolicited suitor and continued to resist even after Broadcom raised its original offer from $103bn. Broadcom's Singapore connections complicated matters, even though the company maintained its physical headquarters in Silicon Valley and virtually all of its shareholders are in the U.S.
Trump blocks Broadcom's bid for Qualcomm
8 days ago
Trump blocks proposed $140bn Qualcomm bid on security grounds
President Donald Trump has blocked Broadcom’s proposed bid for Qualcomm citing security reasons
US President Donald Trump has blocked a planned takeover of chipmaker Qualcomm by Singapore-based rival Broadcom on grounds of national security.
His order cited “credible evidence” that the proposed $140bn (£100bn) takeover “threatens to impair the national security of the US”. Qualcomm was already trying to fend off Broadcom’s bid.
Broadcom said it strongly disagreed that its proposed takeover gave any cause for concern.
The deal would have created the world’s third-largest maker of microchips, behind Intel and Samsung.