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14 March 2018, 08:30 | Lucia Cruz
Broadcom boss 'will beat Trump deal block'
In yet another win for US President Donald Trump when it comes to securing American jobs, a "disappointed" Singapore-based Broadcom on Wednesday announced to withdraw and terminate its offer to acquire San Diego-based chip-maker Qualcomm.
U.S. regulators have in recent weeks expressed concerns that the takeover could cause the United States to fall behind China in the race to develop 5G networks.
That could mean a significant reduction in spending on 5G research and development at Qualcomm, which totaled $5.5 billion in its most recent financial year.
In addition, lawmakers have expressed concerns in the past about foreign companies gaining a foothold in USA telecom infrastructure, which could lead to spying or cybertheft.
The move follows the receipt of a Presidential Order that called for the immediate and permanent abandonment of the proposed $117 billion deal for the takeover of Qualcomm by Broadcom amid national security concerns. The company was hoping that their current process of moving its headquarters back to the US would be enough to alleviate the concerns put forth by the federal government. The merger would have put one of America's largest mobile chipmakers in the hands of a company based in Asia, a region that has been racing against American companies to develop the next generation of mobile technology.
However, Broadcom hit back, saying it "strongly disagrees that its proposed acquisition of Qualcomm raises any national security concerns".
"Details of the security risk are likely around 5G cellular technology [where] Qualcomm, in our view, is well ahead of foreign and domestic competitors", said Stifel analyst Kevin E. Cassidy in a report late Monday.
Broadcom thanked both its own stockholders and Qualcomm stockholders, some of whom have expressed concern at the future of the company.
After imposing tariffs on steel and aluminum imports, Trump is said to be mulling import levies on tech producs and consumer goods from China, on the grounds that the Chinese discriminates against American companies on technology transfer and violates United States intellectual property rights. Had Broadcom purchased it, CFIUS says the acquisition could have led to the US falling behind and China leaping ahead in the race to influence the infrastructure that will connect everything from phones to a network of self-driving cars.
Broadcom had been pursuing Qualcomm for about four months.
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