Tech

Broadcom officialy ends Qualcomm takeover following White House intervention

Broadcom officialy ends Qualcomm takeover following White House intervention

In addition, the 15 potential candidates proposed by Broadcom before the Securities and Exchange Commission (SEC) are "disqualified" as possible members of the Qualcomm board, which is also prohibited from now accepting the nomination or votes of any of the candidates. Now, though, that's all a moot point, following an order from President Trump blocking the proposed takeover.

Broadcom, however, expects to continue with its plan to redomicile to the United States.

"Although we are disappointed with this outcome, Broadcom will comply with the Order", the Asian company said Wednesday. The panel's finding was in keeping with the misgivings within the White House about China gaining access to important technologies like the nascent wireless standard known as 5G. Those prospective deals have included the sale of Moneygram to a unit of the Chinese e-commerce giant Alibaba, and an agreement involving Lattice Semiconductor and an investment firm with reported ties to the Chinese government.

After a tumultuous few months of effort, Broadcom has officially signalled on March 14 that it will now longer pursue an acquisition of rival chip vendor Qualcomm.

More news: USA pressing China to cut trade surplus by $100bn: White House

Tan appeared alongside Trump in November, promising to move Broadcom's headquarters to the United States.

Being based in the United States as opposed to Singapore should make it easier for Broadcom to make acquisitions of USA companies without falling under the jurisdiction of the Committee on Foreign Investment in the United States (CFIUS).

Based in Singapore, Broadcom past year made an unsolicited bid north of $100 billion to purchase Qualcomm. Today Broadcom acknowledges that development with word that it's withdrawn its Qualcomm offer. Even with the Qualcomm deal not happening, that move could still enhance Broadcom's position for future acquisition attempts, reducing the level of scrutiny any such deals are likely to face.


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