© The White House via YouTube Business | March 13, 2018
President Trump ends Broadcom’s takeover of Qualcomm
US President Donald Trump has blocked Broadcom’s proposed takeover of US chipmaker Qualcomm based on national security issues.
The move by the president ends what could have been one of the industry’s biggest deals ever. In a press release from the White House, the president states that there is is credible evidence that leads him to believe that Broadcom Limited – which is organised under the laws of Singapore – through exercising control of Qualcomm, might take action that threatens to impair the national security of the United States. “I hereby order that the proposed takeover of Qualcomm by the Purchaser is prohibited, and any substantially equivalent merger, acquisition, or takeover, whether effected directly or indirectly, is also prohibited,” the press release reads. At the same time, the president has disqualified all 15 individuals listed as potential candidates in the Form of Blue Proxy Card filed by Broadcom from standing for election as directors of Qualcomm. The president called for the companies to “immediately and permanently abandon the proposed takeover.”
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