The seemingly inevitable consolidation of the global semiconductor industry, plagued as it is by overcapacity and an unending search for new markets, was slowed at least temporarily by a Republican administration that invoked national security as a reason for intervening in technology markets. He called the proposed merger between Qualcomm and Broadcom a direct threat to America's national security.
Qualcomm shares were down 4.3%, near 60.10, in morning trading on the stock market today.
The order goes on to say that the entire 15-member board of directors that Broadcom had proposed for Qualcomm are now barred from standing for those positions, that all efforts by Broadcom to purchase Qualcomm are permanently barred from going into effect, and that Broadcom is to immediately terminate all of its efforts to secure ownership of Qualcomm now and forever.
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The cause of the firing was an unspecified security issue, said a third White House official with knowledge of the situation. McEntee managed to keep a low profile in a campaign and White House often embroiled in controversy.
President Trump's decision yesterday to effectively block Broadcom's $117 billion proposed takeover of Qualcomm on national security grounds confirmed what had become increasingly apparent in recent days - that the U.S. authorities had taken a dim view of the deal and the prospect of a foreign company buying America's undoubted leader in wireless technology.
Qualcomm expressed doubts of the acquisition already when Broadcom was repeatedly changing the offer due to national security concerns, citing the fact that many Chinese acquisition attempts were blocked the U.S.
San Diego-based Qualcomm evolved from a US military aerospace contractor to become the dominant player in wireless radio technology over the past two decades, with its chips used in half of all smartphones.
According to CFIUS, Broadcom had also not given any notice before relocating to the United States, as was required by an order stating a requirement of 5 days notice. While the United States remains dominant in the standard setting space now, China would likely compete robustly to fill any void left by Qualcomm as a result of this [Broadcom] hostile takeover. And it could have an easier time buying USA targets if it goes through with plans to redomicilie in the United States. And it could have an easier time buying USA targets if it goes through with plans to redomicilie in the United States.
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Broadcom came very close to getting hold of Qualcomm, the world's largest maker of mobile-phone chips. (NASDAQ:AAPL) and a continued trend by smartphone manufacturers to ditch QCOM's Snapdragon chips in favor of custom-designed processors.
In an attempt to ease those worries, Broadcom last week pledged to make the USA a leader in the race to build 5G networks, saying it would create a $1.5 billion fund to support the effort if took control of Qualcomm. On the other hand, Broadcom is widely believed to be better at acquiring, converting, and selling assets instead of a focus on R&D.
However, neither Huawei nor other Chinese tech companies have taken any active part in Broadcom's acquisition talk with Qualcomm. The move would have been a defensive one against the combined companies, but with the status quo, Intel won't be feeling the pressure to take action.
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