Trump blocks Broadcom's bid to take over Qualcomm, reports say
13 March, 2018, 11:18
By contrast, some 44% of analysts felt that way about Qualcomm before Broadcom made its first bid for the company in November.
Broadcom's Singapore connections complicated matters, raising fears about a prominent US chipmaker being owned by a foreign company.
President Donald Trump blocked Singapore-based Broadcom Limited's planned takeover of US chip maker Qualcomm Monday after an investigation determined the foreign company "might take action that threatens to impair the national security of the United States". The company had said in a recent corporate filing that it was finalising its plans to become an American entity in early April. "Having a well-known and trusted company hold the dominant role that Qualcomm does in the US telecommunications infrastructure provides significant confidence in the integrity of such infrastructure as it relates to national security". Trump has blocked two in six months.
Shares in Qualcomm fell 4.83 percent at 9:20 a.m.in Frankfurt.
The orders that were signed by the president showed a calculation on how United States' lead in creating advanced and new twig and setting a new standard for the next generation of mobile communication would be sold to China if Singapore based Broadcom took over San Diego based Qualcomm (a White House official reported). While Broadcom may be blocked from purchasing Qualcomm, the door is still open for Intel to acquire the company.
To be sure, deals today take longer to get done because of geopolitical complexities. CFIUS noted that Broadcom had violated its rules "on at least three separate occasions", including when it recently moved to relocate its headquarters to the United States without providing proper notice to the committee.
"There's going to be a wake-up call once this passes", said Timothy Adams, president of the Washington-based Institute of International Finance.
Treasury Secretary Steven Mnuchin, who also chairs CFIUS, said the Qulacomm decision "is based on the facts and national security sensitivities related to this particular transaction only". A broadening of the committee's mandate will raise protective barriers by expanding its authority to reject Chinese investments.
Trump's order comes just months after he stood alongside Tan in the White House as the Broadcom chief revealed that the company would be re-domiciling in the U.S.in what the administration touted at the time as a major jobs announcement.
In a letter, the CFIUS had confirmed the national security concerns.
The decision underlines the economic protectionism of the Trump administration and comes just days after the U.S. announced it would impose tariffs on steel and aluminum imports in order to protect United States firms. Capstone Investment Advisors Netherlands B.V. bought a new stake in shares of QUALCOMM during the 2nd quarter valued at $141,000. Still, China was foremost in CFIUS's mind, according to a March 5 letter from the panel to the companies.
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