Donald Trump blocked Broadcom's bid for Qualcomm

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The committee told lawyers for the companies in a Sunday letter that their investigation into Broadcom's bid s expected to "close soon" and that "so far", the deal would propose a national security risk, if the deal were to go through.

By mid-afternoon, there was shocking news for Broadcom. It followed an intervention this month by the Committee on Foreign Investment in the United States, which typically works behind closed doors and reviews deals only after they are announced, to stall the deal because of national security concerns.

"This decision is based on the facts and national security sensitivities related to this particular transaction only and is not meant to make any other statement about Broadcom or its employees, including its thousands of hardworking and highly skilled United States employees", Mnuchin said.

Despite the deal's relatively small US$15 million price tag, Naura's success in getting the nod from CFIUS is notable.

Broadcom's control over Qualcomm, the order says, might allow the Singapore-based company to "take action that threatens to impair the national security of the United States". While Trump's order bars Broadcom's nominees from remaining on the slate, Qualcomm can't ignore the signal investors sent when the voting was open to alternatives.

"While the United States remains dominant in the standards-setting space now, China would likely compete robustly to fill any void left by Qualcomm as a result of this hostile takeover", the letter reads.

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The prospect of a weakened Qualcomm creating an innovation void in US telecommunications is at the crux of CFIUS's national security concerns with a Broadcom takeover.

That move could have endangered fledgeling partnerships such as Microsoft's Windows 10 on ARM Always Connected PC initiative, but now, in one fell swoop, President Trump has put an end to that concern, as he issues an order blocking any merger between the two companies on national security grounds.

Broadcom's dream of dominating the mobile chip business by taking over Qualcomm is apparently dead. Since the deal was announced, Qualcomm's shares never broke $67.

Trump's scuttling of the Broadcom/Qualcomm deal reportedly comes just hours after Broadcom's CEO, Hock Tan, met with Pentagon officials to save the transaction.

For its part, Qualcomm said Broadcom's claims were misleading.

If that happened, China's Huawei Technologies, a rival to Qualcomm and a major producer of mobile chips, might become much more dominant around the world.

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According to a letter from Cfius seen by the Washington Post, the USA was concerned that Broadcom would cut back on research and development at Qualcomm following the takeover.

The full text of the White House statement can be viewed here.

Also adding to the drop in successful deals is Chinese buyers' continuous lack of awareness of United States national security issues and the need to tackle them upfront, deal makers pointed out.

The Story was also covered by Bloomberg as presented below.

The move demonstrates the high value that the administration places on maintaining the US edge in developing micro technologies.

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