Intel eyes acquisitions to fend off expanding chip foes

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The paper also speculated that Intel's acquisition plans around Broadcom could be motivated by its fears of the major market player a Broadcom-Qualcomm merger would create.

Chip giant Intel (INTC) is concerned about the competitive implications of a Broadcom-Qualcomm combination and is weighing options for possible mergers and acquisitions, the Wall Street Journal reported Friday. However, a company spokeswoman said it was still focusing on integrating two previous acquisitions, Mobileye and Altera, into Intel's business.

In this context, the Wall Street Journal said that Intel's plan is to block Broadcom from acquiring Qualcomm. Intel, though, sees its counterpart's focus in the lucrative 5G field as a boon in the waiting.

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CFIUS in its order on Sunday also instructed Qualcomm not to take any action that could lead to a deal with Broadcom during the panel's review, Qualcomm's regulatory filing showed.

US national security officials are threatening to recommend that President Donald Trump block Broadcom Ltd.'s proposed takeover of rival chipmaker Qualcomm Inc., according to a Treasury Department letter made public Monday.

Broadcom has promised not to sell critical national security assets to foreign buyers if its deal to buy chipmaker Qualcomm is approved, another effort by the Singapore-based firm to appease United States security concerns.

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However, the initial offer was rejected by Qualcomm's board of directors, as well as any subsequent offer.

"Qualcomm's work is too important to our national security to let it fall into the hands of a foreign company - and in a hostile takeover no less", Arkansas Republican Sen. While the statement was light on detail, CFIUS was happy enough to let Broadcom chow down on Brocade.

Moving back to the United States was something Broadcom CEO Hock Tan promised President Donald Trump during an Oval Office meeting on 2 November 2017. On Friday, the company announced that it would move up a shareholder vote on the move to March 23 from May 6. Broadcom hopes to replace the majority of the board's members to help it succeed in its acquisition attempt, while Qualcomm has made moves to maintain its board's independence. The nation's Ministry of Commerce (MOFCOM) is still reviewing the acquisition, and recent moves by the USA government to impose trade tarrifs on Chinese steel and aluminum could complicate matters.

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One of the closing conditions was that Broadcom redomicile to the US, and in neither party's draft was the closing of the proposed acquisition conditioned on CFIUS clearance.

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