Trump blocks Broadcom’s bid for Qualcomm over security grounds:
US President Donald Trump has blocked a proposed takeover of chipmaker Qualcomm by Singapore-based rival Broadcom on grounds of national security.
His order mentioned “credible evidence” that the proposed $140bn takeover “threatens to impair the national security of the US”.
Qualcomm was already trying to fend off Broadcom’s bid.
Broadcom said it strongly disagreed that its proposed takeover gave any cause for concern.
The deal would have created the world’s third-largest manufacturer of microchips, behind Intel and Samsung.
It might also have become the biggest takeover the tech industry had ever seen.
The presidential order said: “The proposed takeover of Qualcomm by the Purchaser (Broadcom) is prohibited, and any substantially equivalent merger, acquisition, or takeover, whether affected directly or indirectly, is also prohibited.”