According to Bloomberg News, informed sources revealed that Broadcom will officially abandon the acquisition of Qualcomm after being suspended by US President Trump on the grounds of national security risks.
This would have been expected to be the largest trade in the history of the tech industry, but this statement ended the tug of war that lasted several months.
Broadcom CEO Chen Fuyang originally hoped to build a chip empire. He had previously reshaped the $400 billion semiconductor industry in the past few years with a series of transactions. The company issued a tender offer to Qualcomm in November last year, but it was quickly rejected by Qualcomm management and the board of directors.
Broadcom has been seeking the support of investors and hopes to offset the resistance faced by the transaction.
A survey by the US Foreign Investment Commission (CFIUS) found that Qualcomm’s acquisition may pose a threat to national security. Trump then adopted this proposal to ban the deal.
CFIUS requested Qualcomm to postpone the shareholders meeting on March 4. And Broadcom originally planned to control Qualcomm's board of directors through this conference, thus promoting the company's acquisition plan. The U.S. Treasury Department said Broadcom violated relevant regulations and did not issue appropriate notices regarding the relocation of headquarters to the United States.
In addition, the US Department of Defense’s dependence on Qualcomm’s products has also become a major concern.
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