Broadcom will officially stop plans to take over Qualcomm

BEIJING CHINA Chinese policemen surf the Internet at a computer fair in Beijing 21 August 2000. China has recently arrested a high school teacher in the southwestern province of Sichuan for posting articles critical of the communist authorities on the

Broadcom chief Hock Tan is unlikely to slow his acquisition spree after US President Donald Trump blocked the microchip maker's $117bn (€94bn) bid for Qualcomm on national security grounds, analysts have said.

Two analysts said Xilinx and Mellanox would be a good fit for Broadcom, though not as transformational as Qualcomm. Its first offer was rejected by Qualcomm's board, as the $70 per share Broadcom was offering wasn't enough to tempt a sale.

Broadcom has been under investigation by the Committee on Foreign Investment in the United States (CFIUS) over concerns the company's buyout of Qualcomm could stifle the chipmaker's development of 5G technologies.

"The proposed takeover of Qualcomm by the Purchaser is prohibited, and any substantially equivalent merger, acquisition, or takeover, whether effected directly or indirectly, is also prohibited", Trump said.

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Qualcomm is also fighting a $1 billion suit filed against it past year by Apple, which accuses the company of overcharging for its wireless chips and engaging in monopolistic tactics. In its announcement, Broadcom says it still doesn't agree with the presidential order's particulars, but that it will "comply with the order".

Also, The Committee on Foreign Investment in the United States, which reviews the national security implications of foreign investments in US companies, had cited concern that Broadcom has a penchant for cutting costs, which might lead to Qualcomm being less of an industry leader. "If Broadcom acquires Qualcomm, the latter would likely exit several businesses or consolidate its operations with Broadcom - allowing Chinese companies to quickly fill in any void". It could just rest easy, or could make a play for either Broadcom or Qualcomm.

Rosenzweig added Broadcom could fire Qualcomm management, cut research spending on 5G or stop Qualcomm from participating in the 5G standards-setting process. At a Senate Intelligence Committee meeting in February, FBI Director Christopher Wray said any company "beholden to foreign governments that don't share our values" should not be able to "gain positions of power" inside USA telecommunications networks. This means that Broadcom will still be moving its headquarters to the United States, making it more of presence domestically.

However, after Qualcomm issued a voluntary request to the United States agency, CFIUS determined - and very quickly - that a potential deal between the two semiconductor giants could become a national security risk.

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