Trump blocks Broadcom's takeover bid for Qualcomm

U.S. President Donald Trump blocks Broadcom takeover of Qualcomm

"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", the order added.

This is now at least the third prominent deal that has fallen apart under CFIUS scrutiny during the Trump administration.

"Qualcomm has become well-known to, and trusted by, the USA government", the Treasury Department said in a March 6 letter.

Trump's decision to block Broadcom's pursuit of Qualcomm initially sent shares of the acquirer lower, but then they rebounded.

This weekend, before Trump's order, Mir wrote the same lawyers again, this time to note that the CFIUS investigation "has so far confirmed the national security concerns" identified in his earlier letter.

Qualcomm is one of the San Diego area's largest private employers, and the family of co-founder Irwin Jacobs is one of the area's most generous philanthropists.

US President Gerald R Ford signed an executive order creating Cfius in 1975, mainly as a vehicle to study foreign investment.

Both Broncos and Cardinals interested in Case Keenum
In a goodbye letter to Redskins fans that was released on his website Monday afternoon, Cousins tagged the Jets and Vikings . In the last three seasons, Cousins threw for an average of 4,392 yards with a total of 81 touchdowns and 36 interceptions.

Trump hosted Broadcom CEO Hock E. Tan in the White House a year ago when the executive announced the proposed move.

A move by Chinese companies to fill the void left by the proposed Qualcomm acquisition and dominate the making of 5G chips permitting faster data transmission would have significant security implications for the United States, the panel found. Jnba Financial Advisors holds 0.19% of its portfolio in QUALCOMM Incorporated (NASDAQ:QCOM) for 16,117 shares. "The transfer of Qualcomm's technology innovations includes its strides toward 5G to a foreign company posed a real danger to national security", American for Limited Government President Rick Manning said in a statement. "All 15 individuals listed as potential candidates on the Form of Blue Proxy Card filed by Broadcom ... are hereby disqualified from standing for election as directors of Qualcomm".

Broadcom said in a statement it was reviewing the order and that it "strongly disagrees that its proposed acquisition of Qualcomm raises any national security concerns".

The Treasury Department, which leads CFIUS, had said the Qualcomm deal raised red flags because it threatened Qualcomm's leadership in developing the next generation of wireless technology. While Qualcomm isn't likely to complain much given that it repeatedly rejected Broadcom's bids as undervalued, Broadcom now faces the prospect of having to either look at another acquisition target or accept that it will have to tackle 5G by itself.

So it would be surprising if CFIUS's authority was overturned at this stage, said Brian Fleming, a lawyer with Miller & Chevalier and former Assistant Attorney General for National Security who managed CFIUS matters for the Department of Justice.

Yet the unsolicited takeover bid was just the most immediate in a long list of challenges for Qualcomm, which also include legal disputes with customer Apple Inc, a decline in profit and a regulatory assault on its licensing business, all of which have eroded faith in Chief Executive Officer Steve Mollenkopf.

Qualcomm shares were down 4.5% in after-hours trading to $59.98, while Broadcom shares were relatively flat at $265.

Related News:

  • Virushka's rent for new flat is Rs 15 lakh per month

    Virushka's rent for new flat is Rs 15 lakh per month

    He captioned it, "Where else would you wanna be when you have such a stunning view from home!" She is seen kissing Indian captain and we can feel the lovely romance between them.
    Serena Williams started after 15 months break

    Serena Williams started after 15 months break

    In an essay for Time magazine just before her return, she made it clear she feels much of the vitriol was racist in nature. Venus' last defeat of her younger sister was at the Canadian Open in 2014, where she prevailed in a three-set semi-final.
    Metropolitan Opera Fires Former Music Director James Levine

    Metropolitan Opera Fires Former Music Director James Levine

    Levine served as music director at the Ravinia Festival - in Highland Park, Illinois north of Chicago - from 1973 to 1993. Fittingly perhaps, his final Met appearance was conducting Verdi's "Requiem" in December.
  • 'Bob's Burgers' Creator Making First Animated Show For Apple

    'Bob's Burgers' Creator Making First Animated Show For Apple

    Bouchard and Gad executive produce alongside Brillstein Entertainment Partners, with Smith serving as consulting producer. This is indeed a rare sale of an animated comedy by the studio outside the larger Fox corporate family.
    'Dear President Trump': Jerry Brown invites Donald to Fresno

    'Dear President Trump': Jerry Brown invites Donald to Fresno

    On Tuesday, Trump will be making his first trip to California since assuming the presidency in January 2017. Finally, Trump will head up to Los Angeles to attend a campaign fundraiser in Beverly Hills.
    'Farewell, Washington:' Kirk Cousins says goodbye to Redskins fans in blog post

    'Farewell, Washington:' Kirk Cousins says goodbye to Redskins fans in blog post

    The Vikings , Bills, Jets, Broncos and Cardinals are among the teams most desperate for quarterback help this offseason. I am filled with gratitude over the unwavering support and devotion from you, the fans, both on and off the field.
  • Klopp asked whether Liverpool pair can win Ballon d'Or

    Klopp asked whether Liverpool pair can win Ballon d'Or

    Salah has been named player of the month for February and Klopp is delighted with his summer signing from Roma. They said we defended bad? If United get the first goal then they won't come out and give him that space.
    Spotify launched in South Africa

    Spotify launched in South Africa

    Users have already gotten onto utilising the feature, with four pages of suggested edits at the time of publication. They've constantly innovated their platform to keep users more engaged with every new feature they add on.
    Paul Pogba absent from training ahead of Seville tie

    Paul Pogba absent from training ahead of Seville tie

    Having started the game on the right side of attack, he was switched with Sánchez to a more central role after 10 minutes. He has already bettered last season appearances (36) at the same stage. "I think it's his mentality".
  • DGCA orders grounding of 8 IndiGo, 3 GoAir aircraft over engine issues

    DGCA orders grounding of 8 IndiGo, 3 GoAir aircraft over engine issues

    Clarifying its position, Pratt & Whitney in a statement said: "We are working closely with our customers to minimize disruption". After DGCA's regulations, the IndiGo airlines have ascertained that none of these affected engines shall be operated by IndiGo.
    President Buhari anxious  by attacks in Benue

    President Buhari anxious by attacks in Benue

    Ortom said that many states were now involved in massive cultivation of rice, and urged his people to join the trend. While he commiserated with the people over the killings, he described the attacks and bloodshed as unfortunate.
    (UPDATED) Barrie Police arrest 18 people in connection to drug trafficking investigation

    (UPDATED) Barrie Police arrest 18 people in connection to drug trafficking investigation

    During their investigation police said officers arrested three men and seized drugs that included the powerful opioid fentanyl. Haye said manslaughter charges are also being considered. "Why they do it, I can speculate it, but I'm not sure", he said.


Most liked

96-year-old German "accountant of Auschwitz" dies before imprisonment
The district court of Lueneburg, in 2015, sentenced Groening to four years' imprisonment for aiding murder during the Holocaust. He was not involved in the actual killings, but counted cash taken from victims on their arrival at the camp.

Bound flight makes emergency landing in Albuquerque after cabin fills with smoke
The airport tweeted their praise of the firefighters "for a quick response". "Just made an emergency landing in Albuquerque". A Dallas Police officer aboard the flight tweeted that Dallas-based Southwest's flight attendants "did a great job!"

MS Dhoni backs Mohammed Shami over wife Hasin Jahan's allegation
According to Jahan, the pacer had travelled to Dubai after India's tour to South Africa to meet a Pakistani girl. Instead of adding to the controversy, MSD said, "As far as I know, Shami is a great human being".

MU seeded eighth, matched up with Florida State in Nashville
They will play Florida State in Nashville on Friday with the victor of that likely facing one seeded Xavier. Florida State head coach Leonard Hamilton has been with the Seminoles for 16 years (since 2002).

Judge rules $560M Powerball jackpot victor can remain anonymous
The judge dismissed the state's argument that disclosing her name would show the public that the lottery system is above board. The commission says it will consult with the attorney general's office to determine what to do next regarding the case.

Djokovic suffers 'weird' loss at Indian Wells as he returns from surgery
Grigor Dimitrov will not be in round three after the third seed fell to Spanish veteran Fernando Verdasco 7-6 (7/4) 4-6 6-3. He will now play against another American, Jack Sock, who beat Italy's Thomas Fabbiano 6-2, 7-5.

Jose Mourinho Rips Into Former Crystal Palace Boss Frank De Boer
I said that before the Liverpool match when many of you were maybe not expecting him to start. He was saying its not good for Marcus Rashford to have a coach like me.

Video appears to show Iowa Senate leader kissing lobbyist at bar
The website did not identify the woman shown in the video but described her "as a lobbyist for various municipality groups ". The Iowa Legislature has since hired a human resources director to oversee harassment complaints at the state Capitol.

Trump presses European Union on trade barriers in tit-for-tat
She warned that no one could win a "race to the bottom" and said the tariffs could risk "hurting everyone". More surprising may be the outrage in the USA from groups that have traditionally backed the president.

RS polls: 7 candidates throw hats into the ring for 6 seats
Speculation is rife that the BJP might name a ninth candidate as well by the time the nomination process closes later in the day. BJP spokesperson GVL Narasimha Rao and industrialist Rajeev Chandrashekhar got nominations from Uttar Pradesh and Karnataka.

Colombia's Santos Plans to Restart Talks with ELN Rebels
Since the Farc took up arms against the state in 1964, some 220,000 people were killed and over seven million displaced.

Lakers show LeBron what they've got in 127-113 win
The Lakers' exciting performance against Cleveland underlined that notion, for whatever it's worth in James' mind. Seven Raptors players hit more than 10 points, with Kyle Lowry finishing on 16, four rebounds and seven assists.

Ohio State headed to the "Big Dance" as a 5-seed
Ohio State finished the regular season 24-8, earned second place in the Big Ten, and enter the NCAA tournament ranked 20th in RPI. On the season, South Dakota State basketball averages 84.9 points, 39.0 rebounds and 13.5 assists per game.

Tesla suspended production of Model 3 briefly in late February
Rmb Capital Management Llc sold 30,240 shares as the company's stock declined 4.48% while stock markets rallied. About 760,262 shares traded or 17.37% up from the average. $141,754 worth of Tesla, Inc . (NASDAQ:ADSK).

Ex - CM in illegal tax racket in Nagaland
A notice sent to Zeliang on March 11 has asked him to appear before the investigating officer at the NIA headquarters in Delhi. According to reports, NIA has summoned Zeliang to appear before its officials on March 13, i.e on Tuesday.