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President Trump Prohibits Broadcom from Acquiring Qualcomm
13 March 2018, 09:45 | Cesar Cruz
Broadcom Qualcomm takeover blocked by Trump over national security worries
The proposed takeover of Qualcomm by [Broadcom] is prohibited, and any substantially equivalent merger, acquisition, or takeover, whether effected directly or indirectly, is also prohibited.
"By exploiting gaps in the existing CFIUS review process", Cornyn said, "potential adversaries, such as China, have been effectively degrading our country's military technological edge by acquiring, and otherwise investing in United States companies".
"Qualcomm has become well-known to, and trusted by, the USA government", the Treasury Department said in a March 6 letter.
Broadcom has yet to comment on the CFIUS order.
While its operating headquarters are in California, the company reincorporated in Singapore a few years ago.
The committee told lawyers for the companies in a Sunday letter that their investigation into Broadcom's bid s expected to "close soon" and that "so far", the deal would propose a national security risk, if the deal were to go through. Before waiting for an actual deal, CFIUS opened an investigation to review the risks to national security.
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Broadcom had been pursuing San Diego-based Qualcomm for about four months. The final tally on Broadcom's nominees was postponed by U.S. 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. "They would just have to buy Huawei (equipment)".
More notable recent QUALCOMM Incorporated (NASDAQ:QCOM) news were published by: Fool.com which released: "Better Buy: Intel Corporation vs. Qualcomm Inc." on March 07, 2018, also Reuters.com with their article: "Broadcom promises on security, Qualcomm revamps board" published on March 09, 2018, Seekingalpha.com published: "Podcast: Qualcomm-Broadcom, Gaming Industry Meets Trump, Machine Learning Software" on March 11, 2018.
Broadcom contends it is already a US company "in all important respects" and has won CFIUS approval for previous acquisitions.
"Qualcomm's work is too important to our national security to let it fall into the hands of a foreign company - and in a hostile takeover no less", said Sen. The proposed deal faced much scrutiny both within and outside of the industry, and with the White House announcement the deal is effectively dead.
If Qualcomm's "technological leadership" diminishes, Mir said in his March 5 letter, Chinese tech companies stand to gain in the race to develop 5G. But Broadcom CEO Hock Tan's real goal was apparently to smooth the road for its hoped-for acquisition of Qualcomm. Qualcomm said it would challenge that fine.
So it would be surprising if CFIUS's authority was overturned at this stage, said Brian Fleming, a lawyer with Miller & Chevalier and former Assistant Attorney General for National Security who managed CFIUS matters for the Department of Justice.
While Broadcom shares were holding steady in the wake of the announcement, investors were less enthusiastic about Qualcomm's chances, and shares dropped 4.5 per cent after hours.
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