Broadcom boss 'will beat Trump deal block'

President Trump “US Technology is Not for Sale

Broadcom boss 'will beat Trump deal block'

With this in mind, analysts have said a deal between Qualcomm and Broadcom could have given Huawei the chance to take over the top spot in years to come - a situation U.S. politicians wanted to prevent given their ongoing security concerns around Chinese telecom firms doing business with U.S. carriers.

Being based in the United States as opposed to Singapore will allow Broadcom to make what it believes will be acquisitions of USA companies that will not fall within the jurisdiction of the Committee on Foreign Investment in the United States (CFIUS), which scrutinizes deals for potential national security concerns.

Qualcomm has emerged as one of the biggest competitors to China's Huawei Technologies Co in the sector, making Qualcomm a prized asset. He added that it "is not meant to make any other statement about Broadcom or its employees, including its thousands of hard working and highly skilled USA employees". There were concerns the takeover could have led to China pulling ahead in the development of 5G wireless technology. CFIUS said such a move could weaken Qualcomm - and thereby the US - against foreign rivals racing to develop next-generation wireless technology known as 5G, such as China's Huawei Technologies Co.

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You guys know this already, but Broadcom and Qualcomm have been going back and forth over several months now after Broadcom attempted to acquire the USA chipmaker.

"A shift to Chinese dominance in 5G would have substantial negative national security consequences for the US", CFIUS said. But unlike with its steel tariffs, the Administration's national-security concerns in this case are legitimate. CFIUS had told lawyers for the companies in a letter dated Sunday that Broadcom had repeatedly violated its order to provide the panel with five days' notice before taking any action on its redomiciliation plan.

The move had little precedent. The committee also said that the technology of Qualcomm-which makes wireless chips and licenses wireless patents crucial to smartphones and other-was too important to put into the hands of a foreign company with links to China.

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Broadcom Chief Executive Hock Tan stood with Mr. Trump at the White House in November to announce that Broadcom planned to redomicile in the U.S. Mr. Trump called Mr.

Trump issued an order barring the proposed mega-acquisition, saying there is credible evidence such a deal "threatens to impair the national security of the United States", according to a White House statement.

"The proposed takeover of Qualcomm by the purchaser (Broadcom) is prohibited, and any substantially equivalent merger, acquisition, or takeover, whether effected directly or indirectly, is also prohibited", the presidential order released on Monday said.

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Shares of Broadcom were last up 1.4 per cent in midday trading.

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