Broadcom Still Seeking Major M&As After Qualcomm Failure
Broadcom Still Seeking Major M&As After Qualcomm Failure
President Trump invoked national security in blocking Broadcom's proposed takeover
15 March, 2018, 05:58
Broadcom has confirmed that it will abandon plans to buy long-term rival Qualcomm after U.S. president Donald Trump vetoed the potential acquisition.
"The White House is very concerned about China, particularly in terms of upcoming 5G networks where Qualcomm is a key supplier" to the Defense Department, as well as private industry, said Townes. However, on March 4, CFIUS ordered Qualcomm to postpone a shareholder meeting in order to vote on nominees of Broadcom as directors of the takeover. Broadcom has already committed to change this regardless, redomiciling its business to the USA, revealing that it aims to do so by April 3rd 2018.
Qualcomm is known for mobile chip innovations that set industry standards, for example in 5G wireless connection technology, he said. That's probably a mergers-from-hell kind of scenario for competitors, including Samsung and Huawei, both when it comes to 5G networking technology but also other chip tech that's now in use in all sorts of smartphones and connected devices.
The news comes as little surprise after President Trumpannounced earlier this week that he was blockingBroadcom's proposed Qualcomm acquisition on national security grounds.
In a presidential order, Trump claimed that "credible evidence" had led him to believe that if Broadcom were to acquire control of Qualcomm, it "might take action that threatens to impair the national security of the United States".
"We do not see any possible repercussions to US-Singapore relations - whilst Broadcom is incorporated in Singapore and is Singaporean-led, most of its manufacturing and R&D base is still centred in the US", he said.
Stocks fell Tuesday after President Donald Trump unexpectedly blocked the Broadcom-Qualcomm merger and ousted Secretary of State Rex Tillerson. The Singapore-based company is stopping any attempt to acquire Qualcomm so you know it' really not happening.
"Broadcom strongly disagrees that its proposed acquisition of Qualcomm raises any national security concerns".
It would appear that Broadcom's ambitions of buying Qualcomm are well and truly dead. However, Broadcom had already committed to redomiciling its business to the US, and confirmed this week that it would do so by April 3.
Despite the fierce resistance of Qualcomm to such a merger - including the price point, Broadcom's aggressive plans to replace the board, and regulatory concerns - Broadcom said it "sincerely appreciate [s] the significant support we received from the Qualcomm and Broadcom stockholders throughout this process".
One factor that may have pushed CFIUS to move quickly was a unusual maneuver by Broadcom to relocate to the United States.
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