Trump Blocks the Deal by Qualcomm and Broadcom
One of the largest deals in technology history was blocked by Donald Trump. The US president has stopped the attempts of the Singapore-based Broadcom chip maker to acquire his US competitor Qualcomm for US national security reasons. This was announced by Bloomberg.
Trump has taken the decision on a recommendation from the US Foreign Investment Commission (CFIUS), which oversees acquisitions of US companies by foreign buyers.
Her decision was announced only hours after Huk Tang, chief executive of Singapore-based Broadcom, met with representatives of the Pentagon as a last effort to save the deal.
"There is credible evidence to convince me that Broadcom Ltd., by acquiring Qualcomm, can take action that threatens to harm US national security," Trump said in a statement Monday evening in Washington.
Broadcom said in a statement that he was reviewing the order and that "he categorically disagrees that Qualcomm's proposed acquisition raises concerns about national security."