Broadcom officially ends bid for Qualcomm

15 Марта, 2018, 05:54 | Author: Shannon Newton
  • 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

However, a recent US presidential order blocked the acquisition of Qualcomm by Broadcom, setting up the biggest possible road block in Broadcom's plans.

Most analysts assume Broadcom will now walk away from Qualcomm, with some flagging San Jose-based Xilinx Inc and Israel's Mellanox Technologies Ltd, both diversified makers of communications chips, as likely next targets.

On Wednesday, the Singapore-based company said in a statement that it has "withdrawn and terminated its offer to acquire Qualcomm", as well as withdrawn the list of six independent director nominees for Qualcomm's 2018 Annual Meeting of Stockholders. Broadcom announced at the end of a year ago that it was looking forward to relocating its headquarters to the U.S. The inter-agency panel, led by the Treasury Department, scrutinizes deals that could give foreign firms control of USA companies.

Stocks gave up early gains to finish broadly lower, weighed by weakness in the top-weighted technology (-1.2%) and financials (-1.1%) sectors. However, Broadcom had already committed to redomiciling its business to the USA, and confirmed this week that it would do so by April 3.

"Although we are disappointed with this outcome, Broadcom will comply with the Order", the company said in a statement.

Читайте также: Google to pull the plug on all cryptocurrency ads

The Committee on Foreign Investment in the United States, which reviews the national security implications of foreign investments in US companies, cited concerns about Broadcom's penchant for cutting costs such as research spending. The company is also in talks with Huawei to settle another patent dispute, according to a report last week in The Wall Street Journal.

The US Treasury Department warned in a letter made public in early March that since Broadcom was financing the deal with over $100 billion in debt, it would be under pressure to squeeze more profits out of Qualcomm.

It's final and official: Broadcom will no longer pursue its acquisition of Qualcomm. On Twitter Friday, Bloomberg presenter Jonathan Ferro called the state of affairs a "Russian doll of chip deals". It could just rest easy, or could make a play for either Broadcom or Qualcomm. Consolidation in the mobile chip market could also have significant ramifications for smartphone buyers.

"And a chip industry merger featuring a company now headquartered in Singapore raises concerns about "Chinese influence", a report in LightReading noted today".

While blocking the deal doesn't mean that China won't become a dominant player in 5G anyway, it's one way they can slow that down.

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