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Money Broadcom ends bid for Qualcomm after President Trump nixes deal

19:19  14 march  2018
19:19  14 march  2018 Source:   reuters.com

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(Reuters) - Singapore-based Broadcom Ltd withdrew its 7 billion bid to acquire Qualcomm Inc on Wednesday, two days after U.S. President Donald Trump blocked the attempt citing national security concerns.

Mr. Trump was given an opening to block Broadcom ’s bid for San Diego-based Qualcomm earlier this month. That was when the Committee on Foreign Investment in the United States, or Cfius, a government panel that typically works behind closed doors and reviews deals only after they are

a sign above a store: Broadcom Limited company logo is pictured on an office building in Rancho Bernardo, California© REUTERS/Mike Blake Broadcom Limited company logo is pictured on an office building in Rancho Bernardo, California Singapore-based Broadcom Ltd withdrew its $117 billion bid to acquire Qualcomm Inc on Wednesday, two days after U.S. President Donald Trump blocked the attempt citing national security concerns.

The company said it has also withdrawn its slate of independent director nominees for Qualcomm's annual shareholder meeting.

Broadcom, however, expects to continue with its plan to redomicile to the United States.

"Although we are disappointed with this outcome, Broadcom will comply with the order," the chipmaker said.

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  Intel might buy Broadcom, which is trying to buy Qualcomm Intel is feeling threatened by the Broadcom-Qualcomm deal and could step in itself, according to The Wall Street Journal. Sarah Tew/CNET Well, here's a new wrinkle in Broadcom's quest to buy rival chipmaker Qualcomm: Intel might actually try to buy Broadcom. Intel, the world's biggest PC and server chip company, is mulling a bid for Broadcom, a company that makes Wi-Fi, Bluetooth and other connectivity chips, according to a report Friday from The Wall Street Journal. The newspaper said Intel's worried about the power a combined Broadcom and Qualcomm would hold.

Singapore-based Broadcom Ltd. withdrew its 7 billion bid to acquire Qualcomm Inc. on Wednesday, two days after U.S. President Donald Trump blocked the attempt citing national security concerns.

(Reuters) - Singapore-based Broadcom Ltd withdrew its 7 billion bid to acquire Qualcomm Inc on Wednesday, two days after U.S. President Donald Trump blocked the attempt citing national security concerns.

Sources had told Reuters on Tuesday that Broadcom was ready to scrap its bid for Qualcomm.

Broadcom's board met late on Tuesday to formalise plans to move its base to the United States, at a cost of about $500 million a year under a higher tax rate, the sources said.

Being based in the United States as opposed to Singapore should make it easier for Broadcom to make acquisitions of U.S. companies without falling under the jurisdiction of the Committee on Foreign Investment in the United States (CFIUS).

Shares of Broadcom were untraded, while those of Qualcomm were up marginally before the opening bell.

(Reporting by Supantha Mukherjee in Bengaluru; Editing by Arun Koyyur)

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