Trump kills off biggest tech deal with national security order on Qualcomm

Trump blocks Qualcomm Broadcom deal cites national security                   By Rei Padla

"I have seen San Diego defense companies suffer massive theft of intellectual property by agents of China's government and the defense industrial complex with which it is inextricably entwined", Hunter said in a release.

Broadcom-which was formerly known as Avago and adopted its new name after buying the original US -based Broadcom in 2016-is based in Singapore.

It is likely however that they would have to take it to court before the order could be overruled, as the order suggests the two companies "permanently abandon the proposed takeover".

Had it gone through, the acquisition would have been the largest technology deal in history, the New York Times said in a report.

Broadcom also criticized Qualcomm for asking for the CFIUS investigation.

In a statement, Broadcom said it "strongly disagrees" that the acquisition raises any national-security concerns. He described the CFIUS communication to Broadcom as "unprecedented".

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"Reduction in Qualcomm's long-term technological competitiveness and influence in standard setting would significantly impact US national security", Mir wrote.

Broadcom's relocation was originally scheduled to be completed by May 6.

Heightened US security protection has already drawn resistance from some big US companies, concerned that the expansion of CFIUS's role would put the business environment into jeopardy. It also participated in the hearing after CFIUS informed the company that its notice was inadequate.

Trump hosted Broadcom's Tan in the White House a year ago when the executive announced the proposed move. Qualcomm quickly spurned its unsolicited suitor and continued to resist even after Broadcom raised its original offer from $103 billion. The committee last week directed Qualcomm to postpone its shareholder meeting so it could investigate the proposed Broadcom takeover to assess whether the deal poses any national security risk. Currently, the company is located in Singapore.

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. Qualcomm said it would challenge that fine. "It is US military power and economic power going forward and he's got a very consistent point of view", said Ron Napier, head of Napier Investment Advisors.

Kennedy at CSIS said that view represents "a huge shift" in how CFIUS reviews transactions.

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The sector is in a race to develop chips for the latest 5G wireless technology, and Qualcomm was considered by Broadcom a significant asset in its bid to gain market share.

Qualcomm also has raised the specter of a long, hard regulatory review by global competition agencies, which could weaken the company just as 5G networks are rolling out.

Singapore-based semiconductor company Broadcom has been engaging in a hostile takeover bid for Qualcomm, well known to us for their Snapdragon range of processors.

Chinese companies such as Huawei Technologies have been investing heavily in research and would be able to step into any void created by a weakened Qualcomm.

CFIUS has said that it is anxious that Broadcom would slash research and development at Qualcomm.

Qualcomm is fending off allegations in complaints filed by Apple and government regulators around the world that it has abused the power of its mobile patents to throttle competition and charge excessive royalties for its technology. But Broadcom CEO Hock Tan's real goal was apparently to smooth the road for its hoped-for acquisition of Qualcomm.

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Broadcom shares closed the trading day up 3.5 per cent to $262.84 and gained slightly more in after-market trades.

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