Broadcom drops Qualcomm takeover attempt following Trump order

Qualcomm

And if the acquisition had gone through, then it would be the largest technology deal made in the pages of history. "Broadcom's Board of Directors and management team sincerely appreciate the significant support we received from the Qualcomm and Broadcom stockholders throughout this process".

"The proposed takeover of Qualcomm by the Purchaser (Broadcom) is prohibited, and any substantially equivalent merger, acquisition, or takeover, whether effected directly or indirectly, is also prohibited", the Presidential order read.

On Monday, President Trump blocked a $117 billion Broadcom's bid for the maker of chip "Qualcomm", bringing up concerns for national security and sending a clear signal that Trump was willing to adopt extraordinary measures for promoting the increasingly protectionist stance of his administration.

A Broadcom-Qualcomm merger would create a new and powerful rival in two areas that Intel is banking on for future revenue growth: smartphone processors and data centers, according to the Journal.

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The earlier redomiciliation also appears aimed at blunting concerns raised by the U.S. Treasury Department's Committee on Foreign Investment in the U.S. (CFIUS).

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. Many foreign companies and investors thus seek CFIUS clearance prior to acquiring or investing in US companies.

Broadcom was battling with CFIUS over a different merger - the acquisition of USA company Brocade Communications Systems.

The move by Trump came despite efforts by Broadcom and its chief executive, Hock Tan, to win over the White House, even before the hostile takeover bid was announced.

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While the legality of these procedural skirmishes will be debated, the broad policy strokes are evident.

However, at the end of the day, the White House cited national security reasons in scuttling the deal, namely not wanting Qualcomm to become a foreign-owned company.

But Washington has offered only scant evidence that Broadcom's purchase would endanger national security.

"Although we are disappointed with this outcome, Broadcom will comply with the Order", the Asian company said Wednesday. The agency believes that the acquisition would give a foreign entity control of a US business.

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