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Trump Puts the Kibosh On Broadcom's Qualcomm Bid

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Mar 12, 2018, 6:47 PM   by Eric M. Zeman   @phonescooper

President Trump today issued an order that prevents Broadcom from purchasing Qualcomm. Trump cited national security as his reason behind the order. "The proposed takeover of Qualcomm by the Broadcom is prohibited, and any substantially equivalent merger, acquisition, or takeover, whether effected directly or indirectly, is also prohibited," said the president. Trump suggested there was credible evidence that the deal "might take action that threatens to impair the national security of the United States." Qualcomm has so far rebuffed Broadcom's efforts, chiefly citing sale price. The proposal was under CFIUS review, given Broadcom's status as a foreign company. Broadcom is in the process of repatriation, but it doesn't expect to complete the process until early April. Broadcom did not immediately comment on the President's order.

more info at Reuters »

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