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Money Broadcom ends bid for Qualcomm after President Trump nixes deal

19:19  14 march  2018
19:19  14 march  2018 Source:   reuters.com

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(Reuters) - Singapore-based Broadcom Ltd withdrew its 7 billion bid to acquire Qualcomm Inc on Wednesday, two days after U.S. President Donald Trump blocked the attempt citing national security concerns.

takeovers of U.S. technology companies, President Trump on Monday blocked Broadcom Ltd. from acquiring Qualcomm Inc., scuttling the proposed 7-billion deal on national The post Trump Blocks Broadcom ’s Qualcomm Bid , Citing National Security Concerns appeared first on ExtremeTech.

a sign above a store: Broadcom Limited company logo is pictured on an office building in Rancho Bernardo, California© REUTERS/Mike Blake Broadcom Limited company logo is pictured on an office building in Rancho Bernardo, California Singapore-based Broadcom Ltd withdrew its $117 billion bid to acquire Qualcomm Inc on Wednesday, two days after U.S. President Donald Trump blocked the attempt citing national security concerns.

The company said it has also withdrawn its slate of independent director nominees for Qualcomm's annual shareholder meeting.

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 chipmaker said.

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takeovers of U.S. technology companies, President Trump on Monday blocked Broadcom Ltd. from acquiring Qualcomm Inc., scuttling the proposed 7-billion deal on national The post Trump Blocks Broadcom ’s Qualcomm Bid , Citing National Security Concerns appeared first on ExtremeTech.

(Reuters) - Singapore-based Broadcom Ltd withdrew its 7 billion bid to acquire Qualcomm Inc on Wednesday, two days after U.S. President Donald Trump blocked the attempt citing national security concerns.

Sources had told Reuters on Tuesday that Broadcom was ready to scrap its bid for Qualcomm.

Broadcom's board met late on Tuesday to formalise plans to move its base to the United States, at a cost of about $500 million a year under a higher tax rate, the sources said.

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

Shares of Broadcom were untraded, while those of Qualcomm were up marginally before the opening bell.

(Reporting by Supantha Mukherjee in Bengaluru; Editing by Arun Koyyur)

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