Trump sends message: U.S. tech not for sale

BEIJING CHINA Chinese policemen surf the Internet at a computer fair in Beijing 21 August 2000. China has recently arrested a high school teacher in the southwestern province of Sichuan for posting articles critical of the communist authorities on the

Although Broadcom is based in Singapore, China loomed large over the USA government's fears about a foreign takeover of chipmaker Qualcomm.

Kevin Cassidy, an industry analyst with Stifel Nicolaus, said Qualcomm is well ahead of foreign and domestic competitors in 5G technology, giving that as a leading reason for the executive action from the White House.

The deal would have been the biggest technology sector takeover on record.

The Committee on Foreign Investment in the United States (CFIUS), which raised concerns about the Qualcomm deal with Trump, listed the highly leveraged nature of Broadcom's bid for its larger rival as a major concern coupled with the risk of the USA losing mobile technology leadership.

Sources added that Broadcom will continue with its plan to relocate to the US.

In a letter on March 5, CFIUS said that it was investigating whether Broadcom would starve Qualcomm of research dollars that would allow it to compete and also cited the risk of Broadcom's relationship with "third party foreign entities". But unlike with its steel tariffs, the Administration's national-security concerns in this case are legitimate. That could leave the USA hobbled in the race to develop next generation, 5G wireless technology, according to people familiar with the matter.

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This is the fifth time a U.S. president has blocked a deal based on CFIUS objections and the second deal Mr Trump has stopped since assuming office. Others have said Trump's decision was more about competitiveness than security concerns.

The move had little precedent.

The CFIUS panel itself had also initially been divided over whether it had the right to commence its review before the deal was signed, with representatives from the Departments of Justice, Homeland Security, Defense and Energy urging CFIUS to begin its review of the deal before Qualcomm shareholders went to vote on the slate of directors that included Broadcom's nominees, according to people familiar with the matter.

Trump issued an order barring the proposed mega-acquisition, saying there is credible evidence such a deal "threatens to impair the national security of the United States", according to a White House statement. Tan "a great, great executive" and said Broadcom was "one of the really great, great companies".

Broadcom shares rose 3.6% Monday to $262.84, and Qualcomm fell 0.35% to $62.81.

Two analysts said Xilinx and Mellanox would be a good fit for Broadcom, though not as transformational as Qualcomm.


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