Broadcom abandons plans to buy Qualcomm after Trump blocks the deal

Broadcom abandons plans to buy Qualcomm after Trump blocks the deal

Broadcom abandons plans to buy Qualcomm after Trump blocks the deal

Things went hostile a month later when Broadcom revealed it would target Qualcomm's shareholders directly and ask them to elect a new slate of directors chosen by Broadcom, and Broadcom later went on to submit a revised $121 billion bid last month. Qualcomm disclosed spending on issues including immigration, global trade, taxes and antitrust, among others, showing how it amassed clout in Washington.

Qualcomm and Broadcom, which is moving its headquarters from Singapore to the United States, are both working to develop the super-fast fifth generation wireless broadband technology.

Broadcom's hostile bid was being investigated by the Committee on Foreign Investment in the United States, which said it would cause the USA to fall behind on the development of 5G technology and allow China to take the lead.

Brent Iadarola, Frost & Sullivan's vice president of mobile and wireless communications, tells Channel Partners the administration's stance is distinctly based on national security sensitivities, so "I can't envision any scenario where this transaction is brought to fruition while Trump is in office".

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The Committee on Foreign Investment in the United States (CFIUS), which raised concerns about the Qualcomm deal with Trump, listed the highly leveraged nature of Broadcom's bid for its larger rival as a major concern coupled with the risk of the U.S. losing mobile technology leadership.

The US government views Huawei - one of the world's biggest telecommunications companies - as a national security threat.

An interesting postscript to the deal: Broadcom will reportedly continue its plan to relocate its headquarters to the us, even though it will be subject to hundreds of millions of dollars in additional taxes. If the acquisition presents a considerable security risk, the process is halted.

The saga took a surprising turn on Monday 12th, when the White House issued an order blocking the purchase.

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Broadcom and Qualcomm are likely to pursue other deals now that Broadcom's offer has been withdrawn.

Broadcom's access to the president may have led it to underestimate what was needed to win the approval process.

U.S. Treasury prices settled mostly higher, with the benchmark 10-year yield falling 2 bps to 2.85% while, the two-year yield finished flat at 2.26%. While numerous standards are in place, there are still plenty of details to be worked out. "We can not allow this to happen as it has for many years!"

While Broadcom's Tan has won plaudits from investors for his thriftiness, this time it may have cost him his prize as Washington turned against him.

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