Broadcom is officially withdrawing its US$117 billion bid to buy US chipmaker Qualcomm, two days after US President Donald Trump blocked the Singapore company’s ambitions over national security fears.
Wednesday’s move is a formality since the presidential order issued Monday, March 12, had ensured the deal would be killed in any US regulatory review.
Broadcom said Wednesday that it was disappointed with Trump’s decision. The company withdrew its proposed candidates for Qualcomm’s board, but still plans to move its headquarters to the United States. Broadcom had its headquarters in Irvine, California, until a Singapore-based company bought it in 2015. Qualcomm had rejected Broadcom’s unsolicited offer in February before the government stepped in.
“Broadcom’s board of directors and management team sincerely appreciate the significant support we received from the Qualcomm and Broadcom stockholders throughout this process,” Broadcom said.
Mr. Trump’s order came after a government panel tasked with reviewing the national security implications for business deals disclosed serious concerns about the bid. The panel’s finding was in keeping with the misgivings within the White House about China gaining access to important technologies like the nascent wireless standard known as 5G.
Full Content: New York Times
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Biden Administration Supports Antitrust Suit Against FIFA
Mar 18, 2024 by
CPI
Apple in Talks to Incorporate Google’s Gemini AI Amid Antitrust Scrutiny
Mar 18, 2024 by
CPI
Appeals Court Revives Regeneron’s Antitrust Lawsuit Against Novartis Over Vision Treatment
Mar 18, 2024 by
CPI
Apple Responds to Criticism Over EU’s Digital Markets Act Compliance
Mar 18, 2024 by
CPI
Turkey Imposes Interim Measures on Meta Platforms
Mar 18, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Pricing Algorithms
Feb 28, 2024 by
CPI
Pricing Algorithms and Antitrust Enforcement: Sandboxes to the Rescue?
Feb 28, 2024 by
CPI
AI, Algorithmic Pricing, and Collusion
Feb 28, 2024 by
CPI
Competition & Collusion in a World of Algorithmic Pricing: Antitrust Risks & Enforcement Trends
Feb 28, 2024 by
CPI
Pricing Algorithms in Antitrust’s Sights?
Feb 28, 2024 by
CPI