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Washington - President Trump Stops Broadcom Takeover Of Qualcomm On National Security Grounds

Published on: March 12, 2018 10:30 PM
By: Reuters 
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A sign to the campus offices of chip maker Broadcom Ltd, who announced on Monday an unsolicited bid to buy peer Qualcomm Inc for $103 billion, is shown in Irvine, California, U.S., November 6, 2017.     REUTERS/Mike Blake A sign to the campus offices of chip maker Broadcom Ltd, who announced on Monday an unsolicited bid to buy peer Qualcomm Inc for $103 billion, is shown in Irvine, California, U.S., November 6, 2017.    REUTERS/Mike Blake
Washington - U.S. President Donald Trump issued an order on Monday prohibiting Broadcom Ltd’s proposed takeover of Qualcomm Inc

on grounds of national security.

Qualcomm had rebuffed Broadcom’s $117 billion takeover offer, which is under investigation by the U.S. Committee on Foreign Investment in the United States (CFIUS), a multi-agency panel led by the U.S. Treasury Department that reviews national security implications when foreign entities take over U.S. corporations.

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“The proposed takeover of Qualcomm by the Purchaser (Broadcom) is prohibited, and any substantially equivalent merger, acquisition, or takeover, whether effected directly or indirectly, is also prohibited,” the presidential order released on Monday said.

The order cited “credible evidence” that led Trump to believe that Broadcom taking control of Qualcomm “might take action that threatens to impair the national security of the United States.”



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