Broadcom backs off Qualcomm bid after Trump intervenes

Broadcom backs off Qualcomm bid after Trump intervenes

At the start of the week, Trump said the U.S. government would block the deal, set to be the largest in technology history, after "credible evidence" showed that the merger "threatens to impair the national security of the US".

Broadcom's board was meeting on Tuesday night to formalize its plans and it could make an announcement as soon as Wednesday, the two sources added.

It was just a matter of time before Broadcom conceded defeat after Trump's intervention and it decided not to drag things out any more than necessary.

The Committee on Foreign Investment in the U.S., which said over the weekend that it has "confirmed" national security concerns, indicated that a Broadcom-Qualcomm merger could weaken Qualcomm's leadership in the field.

The President and his team cited national security concerns with Broadcom, a company from Singapore, taking over the US-based Qualcomm.

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Chris Klebl and Derek Zaplotinsky both finished sixth in their respective semifinals and didn't advance. Canada has yet to allow a goal in the tournament while posting wins over Sweden, Italy and Norway.

It would appear that Broadcom's ambitions of buying Qualcomm are well and truly dead.

Compared to earlier generations of wireless technology, "we're seeing China emerge and start to play a bigger role in the standards developing process", Erensen said.

Of course, these concerns about national security are mostly bogus.

Trump said the companies must "immediately and permanently abandon" the proposed takeover.

The company launched its bid for the takeover back in November of previous year and was spontaneously and repeatedly rejected by Qualcomm's board and management. Broadcom had been gathering support from investors to overturn its target's resistance to a deal. Broadcom aimed to win control of the board so it could advance with its hostile takeover. According to a letter from the Treasury, the company has "active sole source classified prime contracts". Still, with Broadcom heading to the United States, this probably won't be the last time we hear about it attempting to take over another massive company, so stay tuned. Although, Qualcomm is in the process of contesting this decision, the company is still likely to end up paying a large settlement.

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