Broadcom Will Still Redomicile to US After Ending Qualcomm Bid
Broadcom Will Still Redomicile to US After Ending Qualcomm Bid
US President Donald Trump
14 March, 2018, 20:31
In case you hadn't heard, Broadcom has been trying to purchase Qualcomm since late previous year, with Qualcomm resisting at every corner. Qualcomm disclosed spending on issues including immigration, global trade, taxes and antitrust, among others, showing how it amassed clout in Washington.
Broadcom announced on Wednesday it had formally abandoned its hostile takeover bid for Qualcomm. Broadcom's unwanted advances started in November.
Singapore-based Broadcom is planning to scrap its bid for Qualcomm, after US President Donald Trump blocked the chipmaker's proposed acquisition on national security grounds earlier this week, although it will press on with its plan to move its base to the United States, according to sources familiar with the matter.
"(The) investigation has so far confirmed the national security concerns", the panel told the company via a letter. One motivation may be the fear that Broadcom will cut Qualcomm investment in 5G technology, which allows faster transfer of data, ceding the advantage to Chinese competitor Huawei and weakening United States tech leadership. However on Monday Mr Trump stepped in, citing national security concerns.
In a statement, Treasury Secretary Steve Mnuchin supported the decision. FEC records show that neither Qualcomm's employees nor its PAC have been big donors to Cornyn.
Most analysts assume Broadcom will now walk away from Qualcomm, with some flagging San Jose-based Xilinx Inc and Israel's Mellanox Technologies Ltd, both diversified makers of communications chips, as likely next targets.
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Broadcom earlier this week said it expects to complete the redomiciling process in April, about a month earlier than originally planned. "Although Broadcom is based in Singapore, Chinese companies such as Huawei and ZTE have emerged as strong competitors in the race towards 5G".
Broadcom had meant to move its official headquarters to the U.S., thereby reducing the amount of oversight necessary to make the deal work. It proved to be too little, too late.
The saga took a surprising turn on Monday 12th, when the White House issued an order blocking the purchase.
Broadcom's access to the president may have led it to underestimate what was needed to win the approval process.
Actually, CFIUS had already weighed in on the deal last week, preliminarily at least. "We can not allow this to happen as it has for many years!" Qualcomm also spent more than Apple Inc., Walmart Inc. and Philip Morris International Inc. past year. While numerous standards are in place, there are still plenty of details to be worked out. Before that, the company hadn't disclosed any federal lobbying since mid-2014. Qualcomm is prohibited from accepting the nomination of or votes for any of the Candidates.
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