Trump blocks Broadcom takeover of Qualcomm


Treasury Secretary Steven Mnuchin, in his capacity as the chair of the CFIUS, said Trump's decision was consistent with the administration's commitment to take all actions necessary to protect the national security of the US. Trump's order can not be appealed, legal experts said. On one hand President Trump welcomed Broadcom's decision to move their headquarters back to the states and on the other hand says, sorry, we don't trust you with Qualcomm's technology.

His order cited "credible evidence" that a takeover "threatens to impair the national security of the United States".

The order underscores the tough stance the Trump administration is taking on foreign takeovers of United States technology firms. These chipsets enable connected cars to speak to each other as well as stoplights.

Trump's order is in line with the administration's protectionist instincts.

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The Presidential order is seen as a move to shelter U.S. companies from foreign competition.

In a letter, the CFIUS had confirmed the national security concerns. In September 2017, he blocked Chinese firm Canyon Bridge Fund from acquiring Lattice Semiconductor Corporation (which is based on Oregon), citing national security concerns. 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. That could allow Chinese companies, namely Huawei Technologies, to become the dominant supplier, the United States said.

Had the company become US-domiciled, it could have argued that the takeover fell outside of Cfius's jurisdiction.

The CFIUS action is considered highly unusual as the investigation started before investors had an opportunity to vote on it, or a deal had been signed.

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He described Trump's executive order as "brutal". Tom Cotton, R-Ark. "I would like to see CFIUS more active especially regarding China and regarding critical industries".

Broadcom's dream of dominating the mobile chip business by taking over Qualcomm is apparently dead. In after hours trading, shares of Qualcomm sunk as much as 4 percent from its market close of $62.81. The move was widely perceived as an attempt to ease regulatory approval for the pending purchase of Brocade Communications Systems Inc., but Trump only had eyes for the mythical $20 billion of revenue Broadcom was supposed to bring to American towns and workers.

"Countries around the world have been racing to develop technology for the new generation of wireless called 5G", she explains. Once deployed, a high-definition movie could load instantly on a smartphone. Cable-quality service could even be provided over the air, instead of a wireline connected to a house.

Treasury Secretary Steven Mnuchin said in a statement Monday that the decision was based on "national security sensitivities" and was "not meant to make any other statement about Broadcom or its employees, including its thousands of hard working and highly skilled USA employees".

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"There is a general concern in the US to avoid unduly impeding foreign investment in the US", Stroock's Griner said.