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Trump blocks Broadcom's $117 billion takeover bid for Qualcomm

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retiredyoung

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14/03/18

07:24

Post #: 31732975
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President Donald Trump blocked Singapore chipmaker Broadcom from pursuing a hostile takeover of U.S. rival Qualcomm, ruling the proposed combination would imperil national security.

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The Trump administration nevertheless balked at the prospect of a prominent U.S. chipmaker being owned by a foreign company, particularly at a time countries around the world are gearing up to build ultra-fast "5G" mobile networks that could tip the balance of power in technology.

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Trump decided to squelch Broadcom's bid on the recommendation of the Committee on Foreign Investment in the United States, which reviews foreign purchases of U.S. entities.

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The decision didn't come as a surprise. Earlier this month, the committee branded the proposed deal a potential security risk that could hobble the U.S.'s ability to make the smooth and quick transition to 5G.

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https://finance.nine.com.au/2018/03...17-billion-broadcom-takeover-bid-for-qualcomm
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