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Broadcom confirms it has withdrawn its Qualcomm bid
14 March 2018, 08:32 | Justin Tyler
Broadcom boss 'will beat Trump deal block'
Chip-maker Broadcom has withdrawn its bid for rival Qualcomm, two days after US President Donald Trump declared he would block the $142bn (£104bn) deal.
But the United States is anxious that a takeover would dramatically reduce investment and research at Qualcomm, giving an advantage to China. Things went hostile a month later when Broadcom revealed it would target Qualcomm's shareholders directly and ask them to elect a new slate of directors chosen by Broadcom, and Broadcom later went on to submit a revised $121 billion bid last month.
In addition, lawmakers have expressed concerns in the past about foreign companies gaining a foothold in us telecom infrastructure, which could lead to spying or cybertheft.
"The case against the acquisition is inherently tied to the argument that the transaction could adversely impact US control of the pace and progress of the development of 5G technologies", he said. Companies including Qualcomm and China's Huawei have been investing heavily to stake their claim in the underlying technology. "This is in large part because of a weakening of Qualcomm's position would leave an opening for China to expand its influence on the 5G standard-setting process".
"Details of the security risk are likely around 5G cellular technology [where] Qualcomm, in our view, is well ahead of foreign and domestic competitors", said Stifel analyst Kevin E. Cassidy in a report late Monday.
"(The) investigation has so far confirmed the national security concerns", the panel told the company via a letter.
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And there is now a race for the rest of the world to catch the exemption train, before it leaves the station in two weeks' time. Trump says he's sticking with his initial plan for import tariffs of 25 percent on steel and 10 percent on aluminum.
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Carlos Hyde to sign three-year deal with Browns
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The video accused David Hogg, a survivor of the shooting who has since spoken out for gun control, of being a "crisis actor". According to Wojcicki, the feature is set to roll out in the coming weeks.