Wednesday, 20 June, 2018

Tech Company Follows Trump's Order, Cancels Hostile Takeover Plans

Why Trump blocked Qualcomm-Broadcom: It's all about 5G Broadcom gives up on Qualcomm takeover
Frank Williams | 14 March, 2018, 20:31

Broadcom Ltd Chief Executive Hock Tan is unlikely to slow his acquisition spree after US President Donald Trump blocked the microchip maker's US$117 billion (RM456.7 billion) bid for Qualcomm Inc on national security grounds, analysts said yesterday.

But the United States is anxious that a takeover would dramatically reduce investment and research at Qualcomm, giving an advantage to China.

In his presidential order, Trump cited "credible evidence" that the takeover "threatens to impair the national security of the United States".

The company also appreciated the statement from the US Treasury Secretary and the Committee on Foreign Investment in the US (CFIUS) chair Steven Mnuchin on March 12.

The Committee on Foreign Investment in the United States (CFIUS), which raised concerns about the Qualcomm deal with Trump, listed the highly leveraged nature of Broadcom's bid for its larger rival as a major concern coupled with the risk of the USA losing mobile technology leadership.

5G remains in the early stages of development.

Carlos Hyde to the Browns
Crowell is a tick better in the passing game as he averages eight yards per catch versus 5.8 for Hyde. Hyde scored 21 touchdowns in his four season with the Niners and averaged 4.2 yards per carry.

In other words, Trump saw this as a threat to American innovation, perhaps a deliberate strategy to weaken our ability to develop commercial high-speed communications networks like 5G and other future technologies.

Should that happen, Chinese companies such as Huawei, which the CFIUS has previously expressed concerns about, could take a larger, or even a dominant, role in setting 5G technology and standards and practices.

"Details of the security risk are likely around 5G cellular technology [where] Qualcomm, in our view, is well ahead of foreign and domestic competitors", said Stifel analyst Kevin E. Cassidy in a report late Monday.

Congress issued a critical report on the Chinese tech firm in 2012 that effectively shut it out of the United States market. He said: "This decision is based on the facts and national security sensitivities related to this particular transaction only". European-based companies could do the same, too.

And not everyone thinks the United States national security concerns over the deal are justified. However, the company issued another press release indicating that they were withdrawing their offer to acquire Qualcomm, but would still be moving forward with its redomiciliation process.

Broadcom had vowed earlier this month that it would make the United States "the global leader in 5G".

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