Broadcom drops Qualcomm acquisition bid after Trump block

Trump blocks Broadcom's USD 117 billion bid to buy Qualcomm

Trump Blocks Broadcom's $117B Takeover Bid For Qualcomm

US Treasury Secretary Steven Mnuchin was quick to clarify the decision, stating Trump's order was strictly "based on the facts and national security sensitivities" related to the transaction and not meant to "make any other statement about Broadcom or its employees".

The foreign chipmaker today announced that it's complying with an order issued by President Trump that cited national security in blocking the deal. At one point, the company also offered to raise its offer for Qualcomm, and when CFIUS first raised concerns about the deal, Broadcom sent a letter to lawmakers promising it would not slow research and development in 5G networking technology if the merger were approved.

The presidential order said there was "clear evidence" of a U.S. national security concern, with Broadcom able to "take action that threatens to impair the national security of the United States".

The company said it has also withdrawn its slate of independent director nominees for US-based Qualcomm's annual shareholder meeting.

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This is a greatest skill, which I want to master as well. "He was certainly larger than life in so many ways", Erlich said. Bryan Lynn wrote this story for VOA Learning English, based on reports from VOA News, the Associated Press and Reuters.

That move was previously framed as an attempt to side-step US security concerns over over a foreign-run company taking control of a chip-maker as big as Qualcomm. Broadcom has nevertheless said it would continue with plans to move its legal headquarters from Singapore to the United States.

Broadcom's months-long attempt to takeover Qualcomm is officially over following yesterday's intervention by the White House.

Had it gone through, the acquisition would have been the largest technology deal in history. "As the State Department Web site notes, the United States and Singapore have long enjoyed 'an expansive and enduring relationship based on mutual economic interests, robust security and defense cooperation.' When the president comes to San Diego on Tuesday, an explanation of his decision is needed - not just by residents but by nations that see themselves as USA allies".

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