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UPDATE 9-President Trump halts Broadcom takeover of Qualcomm
Published 24 Mins Ago
Reuters
(Adds Qualcomm comment; detail on Huawei)
March 12 (Reuters) - U.S. President Donald Trump on Monday blocked microchip
maker Broadcom Ltd's proposed takeover of Qualcomm Inc on national security
grounds, ending what would have been the technology industry's biggest deal
ever amid concerns that it would give China the upper hand in mobile
communications.
The presidential order reflected a calculation that the United States' lead
in creating technology and setting standards for the next generation of
mobile cell phone communications would be lost to China if Singapore-based
Broadcom took over San Diego-based Qualcomm, according to a White House
official.
Qualcomm has emerged as one of the biggest competitors to China's Huawei
Technologies Co in the sector, making Qualcomm a prized asset.
Qualcomm had earlier rebuffed Broadcom's $117 billion bid, which was under
investigation by the U.S. Committee on Foreign Investment in the United
States (CFIUS), a multi-agency panel led by the Treasury Department that
reviews the national security implications of acquisitions of U.S.
corporations by foreign companies.
In a letter on March 5, CFIUS said 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."
While it did not identify those entities, the letter repeatedly described
Qualcomm as the leading company in so-called 5G technology development and
standard setting.
"A shift to Chinese dominance in 5G would have substantial negative national
security consequences for the United States," CFIUS said. "While the United
States remains dominant in the standards-setting space currently, China
would likely compete robustly to fill any void left by Qualcomm as a result
of this hostile takeover."
NATIONAL SECURITY AND HUAWEI
A White House official on Monday confirmed that the national security
concerns related to the risks of Broadcom's relationship with third party
foreign entities.
A source familiar with CFIUS' thinking had said that, if the deal was
completed, the U.S. military was concerned that within 10 years, "there
would essentially be a dominant player in all of these technologies and that
's essentially Huawei, and then the American carriers would have no choice.
They would just have to buy Huawei (equipment)."
Huawei has been forging closer commercial ties with big telecom operators
across Europe and Asia, putting it in prime position to lead the global race
for 5G networks despite U.S. concerns.
Huawei has a dominant position in China, which is set to become the worlds
biggest 5G market by far, and has also made inroads in the rest of world to
compete with rivals such as Ericsson and Nokia in several lucrative markets,
including countries that are longstanding U.S. allies.
Qualcomm is also a major player in 5G, estimated to have 15 percent of 5G-
essential patents in the world, compared with 11 percent for Nokia and 10
percent for all of China, according to a Jefferies report citing LexInnova
research. Many smartphone makers are counting on Qualcomm to deliver its 5G
chipset on time in late 2018 to roll out their 5G phones in 2019.
Shares of Broadcom rose less than 1.0 percent to $264.10 in after-hours
trade while Qualcomm fell 4.3 percent to $60.14.
Broadcom said it was reviewing the presidential order. "Broadcom strongly
disagrees that its proposed acquisition of Qualcomm raises any national
security concerns," it said in a statement in response to the decision.
Qualcomm, which had delayed its annual shareholder meeting during the CFIUS
review, set the new date for March 23.
The move by Trump to kill the deal comes only months after the U.S.
president himself stood next to Broadcom Chief Executive Hock Tan at the
White House, announcing the company's decision to move its headquarters to
the United States and calling it "one of the really great, great companies."
This is the fifth time a U.S. president has blocked a deal based on CFIUS
objections and the second deal Trump has stopped since assuming office
slightly over a year ago.
"The proposed takeover of Qualcomm by the Purchaser (Broadcom) is prohibited
, and any substantially equivalent merger, acquisition, or takeover, whether
effected directly or indirectly, is also prohibited," the presidential
order released on Monday said.
The order cited "credible evidence" that led Trump to believe that Broadcom'
s taking control of Qualcomm "might take action that threatens to impair the
national security of the United States."
BROADCOM'S NEXT MOVE
Broadcom had struggled to complete its proposed deal to buy Qualcomm, which
had cited several concerns including the price offered and potential
antitrust hurdles.
The presidential decision to block the deal cannot be appealed. However, it
is not clear what rules Broadcom would have to follow if it goes ahead with
announced plans to move its headquarters to the United States.
Companies may challenge CFIUS's jurisdiction in court but may not challenge
the inter-agency panel's national security findings, a CFIUS expert said.
If Broadcom decides to press on with its effort to buy Qualcomm, it would be
wise to drop the matter for now while the company quietly wraps up its move
to the United States, a second CFIUS expert said. Once the move is done,
Broadcom could argue that CFIUS does not have jurisdiction, the second
expert said.
Both spoke privately to protect business relationships. (Reporting by Diane
Bartz, Steve Holland and Chris Sanders in Washington; Supantha Mukherjee;
Pushkala Aripaka in Bengaluru; Greg Roumeliotis in New York and Steve Nellis
in San Francisco; Sijia Jiang in Hong Kong; Writing by Peter Henderson;
Editing by Clive McKeef and Leslie Adler)
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