Economy

Broadcom withdraws Qualcomm bid in wake of Trump block

Broadcom withdraws Qualcomm bid in wake of Trump block

Singapore-based chip maker Broadcom announced officially withdrew its offer to buy San Diego-based Qualcomm on Wednesday, two days after President Donald Trump issued an executive order blocking the proposed takeover, citing national security concerns. The goal for Broadcom was nothing less than to remake the networking and mobile chip markets, as 5G adoption looms.

In addition, the 15 potential candidates proposed by Broadcom before the Securities and Exchange Commission (SEC) are "disqualified" as possible members of the Qualcomm board, which is also prohibited from now accepting the nomination or votes of any of the candidates.

Though Broadcom has been blocked from buying Qualcomm, the company still plans on moving its headquarters from Singapore to the U.S.

"Although we are disappointed with this outcome, Broadcom will comply with the Order", Broadcom stated. The technology is expected to provide speeds needed to fuel the "internet of things" like self-driving cars and connected home appliances.

For its part, Qualcomm, wanted no part of Broadcom's offer and acted quickly to publicly rejectthe bid.

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Broadcom's ambitions sparked USA government concerns over which country will dominate the technology, as well as fears over national security.

Trump's order echoed that concern, saying a takeover by Broadcom "threatens to impair the national security of the United States".

In addition, lawmakers have expressed concerns in the past about foreign companies gaining a foothold in US telecom infrastructure, which could lead to spying or cybertheft.

Broadcom has been trying to acquire chipmaker Qualcom for several months now. Even with the Qualcomm deal not happening, that move could still enhance Broadcom's position for future acquisition attempts, reducing the level of scrutiny any such deals are likely to face. Morningstar analyst Brian Colello expects Broadcom to hunt for more deals once it moves to the U.S.


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