Trump blocks Broadcoms 117 billion takeover of Qualcomm with executive order
President Trump issued an executive order late Monday that blocks Broadcom, a Singapore-based semiconductor firm, from taking over San Diego-based Qualcomm. The deal had already been under scrutiny from US regulators and lawmakers, who saw the foreign acquisition of Qualcomm as a national security threat.
According to Bloomberg, Trump acted on a recommendation from the Committee on Foreign Investment in the United States (CFIUS), which reviews foreign acquisitions of American firms. Broadcom is in the process of inverting its headquarters to the United States to get around CFIUS scrutiny.
The Executive Order outlines that Broadcom, “through exercising control of Qualcomm Incorporated (Qualcomm), a Delaware corporation, might take action that threatens to impair the national security of the United States.” The order further bars Broadcom’s nominees for standing for election on Qualcomm’s board of directors, the route that Broadcom was pursuing after the board of directors previously voted against Qualcomm accepting Broadcom’s deal. – READ MORE
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