Trump ends Broadcom's hostile bid for Qualcomm

March 14, 2018 // By Jean-Pierre Joosting
Trump ends Broadcom's hostile bid for Qualcomm
In what has become the standard excuse in the Trump administration's protectionist policy, that of national security, Qualcomm Incorporated has received a presidential order that immediately and brings its hostile takeover by Broadcom Limited to an end.

Under the terms of the Presidential Order, all Broadcom candidates for director positions are also disqualified to run for election as directors of Qualcomm. Qualcomm has also been ordered to reconvene its 2018 Annual Meeting of Shareholders as soon as possible, which, based on the required 10-day notice period, would be March 23, 2018. Shareholders on record prior to the 8 January 2018 will have the right to vote in the meeting.

Broadcom has issued a brief statement in which it says it strongly disagrees that its proposed acquisition raises concerns about national security.

In doing so, the Trump administration has extended the argument of national security to the field of technology and in particular to the 5G market. As the United States is a major exporter of communication technology, such moves, particularly if it is extended beyond the Broadcom / Qualcomm take over bid, could trigger retaliation from other countries, particularly China and the EU.

The text of the Presidential Order can be consulted on-line

 

See also: Why would the US consider nationalising 5G?

See also: Broadcom pitches to make the U.S. the global leader in 5G for Qualcomm

See also: Qualcomm to appeal billion Euro modem chip fine from the European Commission


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