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President Trump says Broadcom must pull out of attempt to buy Qualcomm
13 March 2018, 09:45 | Joann Bryant
Trump halts Qualcomm takeover by Broadcom for national security
Any merger or takeover attempt "substantially equivalent" to the proposed deal is also prohibited, it reads. At least six technology-related deals have reportedly fallen through during Trump's administration, following concerns from CFIUS.
In a letter to both Qualcomm and Broadcom dated Sunday, the U.S. Committee for Foreign Investment in the U.S. (CFIUS) accused Broadcom on three separate occasions of failing to provide five business days notice of its efforts to accelerate relocation of its headquarters to the U.S. The U.S. government scrutinized the takeover attempt because Qualcomm performs work for federal agencies.
While initially founded in the U.S., Broadcom reincorporated in Singapore in 2016 after it was sold to Avago.
Broadcomsaid its move to the U.S. meant national security concerns would have no longer been a problem for closing the deal.
Broadcom Chief Executive Hock Tan and other Broadcom representatives were scheduled to meet with CFIUS officials on Monday, according to the letter.
Asked if the decision may make Trump more popular in San Diego, where Qualcomm and its 13,000 employees are based, Hunter said: "Trump's going to put the American people first". As a response, Broadcom publicly accused Qualcomm of "secretly" asking the committee to investigate the deal, which Qualcomm then denied. The final tally on Broadcom's nominees was postponed by United States government order, but an initial count of more than half the votes cast showed Mollenkopf getting the second-lowest number of votes among the nominees for the board. But it announced at a splashy White House event last November that it planned to move its headquarters to the U.S. At the time Donald Trump took credit for the planned move (and the jobs it might create). Qualcomm shares slipped by $2.71, or slightly more than 4 percent, to $60.04 a share.
After being rebuffed Broadcom has been stacking Qualcomm's board with members friendly to the deal.
Broadcom is reviewing Trump's order and "strongly disagrees that its proposed acquisition of Qualcomm raises any national security concerns", the company said in a statement.
"The revelation that Intel Corp.is considering buying Broadcom Ltd., a company valued at more than $100 billion, shows the depth to which the chip giant feels threatened by a potential tie-up between Broadcom and its rival Qualcomm Inc.", the paper reported yesterday.
Huawei has a dominant position in China, which is set to become the world's biggest 5G market by far, and has also made inroads in the rest of world to compete with rivals such as Ericsson (ERICb.ST) and Nokia (NOKIA.HE) in several lucrative markets, including countries that are longstanding USA allies. "This was a blatant, desperate act by Qualcomm to entrench its incumbent board of directors and prevent its own stockholders from voting for Broadcom's independent director nominees", Broadcom said in the statement a week ago.
It is likely however that they would have to take it to court before the order could be overruled, as the order suggests the two companies "permanently abandon the proposed takeover".
Qualcomm's shares dipped 22 cents to close at $62.81 on Monday, while Broadcom's shares gained 3.5 percent to end the day at $262.84 on the Nasdaq.
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