Broadcom gives up on Qualcomm takeover

Broadcom gives up on Qualcomm takeover

At the start of the week, President Trump blocked Broadcom's proposed takeover of Qualcomm on the grounds that it posed risks to national security.

Washington:With his swift rejection of Broadcom Ltd's hostile takeover of Qualcomm Inc., US President Donald Trump sent a clear signal to overseas investors: any deal that could give China an edge in critical technology will be swatted down in the name of national security. But officials said that this would still put United States security in dangergiven the control, in particular, of valuable 5G technology. 5G may spur a new era of "smart cities" whose energy grids, traffic signals and emergency services are linked to reduce inefficiencies, NBC News reported.

"Broadcom's statements indicated that it intended to take a "private equity" direction to Qualcomm, which can mean reducing long-term investment to increase short-term profitability", the newspaper said.

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Broadcom began pursuing Qualcomm more than a year ago, and in November made its official offer.

Broadcom thanks the independent nominees who stood for election to the Qualcomm board, not only for their time and effort but also for their unwavering commitment to act in the best interests of Qualcomm stockholders.

Broadcom's proposal of investing a $1.5 billion fund into specific branches of Qualcomm's research to "to ensure USA leadership in future wireless technology" was rejected, as was its promise to sell "critical national security assets" to US-based companies only.

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Analysts said Broadcom can still build heft through smaller deals and could have an easier time buying USA targets if it goes through with plans to redomicile in the US. "The same is true for American wireless technology".

Lawmakers in the U.S. House introduced a bill on January 9 that would prohibit government purchases of telecoms equipment from Huawei Technologies and smaller rival ZTE, citing their ties to the Chinese military and backing from the ruling Communist Party. "The concern was that Chinese companies could activate cameras and microphones in smartphones and televisions without user knowledge and the possibility that information gathered could be shared with the Chinese government". It also comes just days after Trump imposed hefty tariffs on imports of steel and aluminum. While the change in headquarters has been in the works since late past year, the earlier date would complete the process before a scheduled vote by Qualcomm shareholders.

The action has been widely seen as a proxy battle between the United States and China, which has been investing heavily into 5G technology.

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The Wall Street Journal said Cfius has broad powers that don't need to be expanded. Had Broadcom purchased it, CFIUS says the acquisition could have led to the USA falling behind and China leaping ahead in the race to influence the infrastructure that will connect everything from phones to a network of self-driving cars. At a Senate Intelligence Committee meeting in February, FBI Director Christopher Wray said any company "beholden to foreign governments that don't share our values" should not be able to "gain positions of power" inside USA telecommunications networks.