Broadcom officialy ends Qualcomm takeover following White House intervention

Broadcom officialy ends Qualcomm takeover following White House intervention

Qualcomm continues to fall in the futures market, more than 5%, after collapsing on the eve 4% on the Nasdaq after US President Donald Trump made a decision to block the acquisition of US microprocessor manufacturer by rival Broadcom, .

Although Broadcom is incorporated and based in Singapore, CEO Hock Tan announced late past year while visiting Trump at the White House that the company would return its corporate headquarters to the United States, likely using San Jose as a base.

On Monday, President Donald Trump issued an order blocking Broadcom from pursuing a takeover of Qualcomm, citing "credible evidence" that any such merger would represent a threat to the United States' national security.

Singapore-based Broadcom said it will continue to move forward with its plans to shift its official headquarters back to the US and will hold its special shareholder meeting as planned on March 23. The company additionally notes that it's backing down with its list of nominees for Qualcomm board positions-a move no longer needed with the buyout plans now canceled (and also one also explicitly banned by this week's order).


An investigation of the deal by the Committee on Foreign Investment in the US, which reviews purchases of American businesses by foreign investors, confirmed national security threats related to the acquisition by Broadcom, the Treasury Department said in a letter to both companies made public March 12.

"Although we are disappointed with this outcome, Broadcom will comply with the Order", the Asian company said Wednesday. Specifically, the order says Broadcom cannot suggest Qualcomm board members in order to stack takeover odds in their favor, nor can they "purchase or merge" with Qualcomm in any way.

Buying Qualcomm would have make Broadcom the third-largest chip maker, behind Intel Corp. and Samsung Electronics Co.

Broadcom has been trying to acquire chipmaker Qualcom for several months now.

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