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Trump Blocks Broadcom’s $117B Qualcomm Bid
Broadcom’s $117-billion hostile takeover bid for San Diego-based Qualcomm was blocked by a Presidential Order. President Trump cited “national security” threats to the U.S. as the reason behind the preemptive order issued late Monday.
The order appears to end a lengthy takeover saga of Qualcomm’s board of directors that would potentially have significant impacts in San Diego, where Qualcomm employs roughly 13,000. Broadcom said in a statement that it “is reviewing the Order.” Further noting, “Broadcom strongly disagrees that its proposed acquisition of Qualcomm raises any national security concerns.”
Broadcom reportedly was accelerating its corporate headquarters move from Singapore to the U.S., a shift that could have hampered the Committee for Foreign Investment in the U.S. to undertake an investigation under national security grounds. Broadcom first revealed relocation plans in November at a White House ceremony with President Trump, and then subsequently made an unsolicited offer to buy Qualcomm.
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