Broadcom abandons Qualcomm takeover bid after Trump block


Broadcom has dropped its takeover bid for rival chipmaker Qualcomm after US President Donald Trump blocked the deal for national security reasons. Trump issued an order to block the merger on Monday. The order stated that there is “credible evidence” if the Singapore-based Broadcom took control of the US-based Qualcomm, the company “might take action that threatens to impair the national security of the United States.”

Broadcom said in a statement it was disappointed with the outcome but would comply. That marks a turnaround from two days ago when Broadcom said that it “strongly disagrees that its proposed acquisition of Qualcomm raises any national security concerns.” Trump’s order gave it little room to move though, unless the company...

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via The Verge - Tech Posts "http://ift.tt/2HxC15j"

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