Trump issues order blocking Broadcom takeover of Qualcomm, citing national security
Monday, 12 March 2018 PresidentDonald Trump issued an order Monday evening blocking any merger of the chipmaking giants Broadcom and Qualcomm, saying it was necessary to protect national security. Broadcom’s control over Qualcomm, the order says, might allow the Singapore-based company to “take action that threatens to impair the national security of the United States.”
Broadcom has been trying to purchase Qualcomm for the last several months, but has continually been rebuffed. It’s since tried to stack Qualcomm’s board with friendly members. Trump’s order says that Broadcom will not be allowed to purchase or merge with Qualcomm in any way, and that all of the people Broadcom has proposed to Qualcomm’s board are disqualified.
According to a report by MarketsInsider, shares of Qualcomm sank over 5% on Tuesday following President Donald Trump's decision to block Broadcom's proposed buyout of the chipmaker in an executive order signed late on Monday. Trump claimed there was "credible evidence" to suggest that Broadcom "might...
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