(From AP News)
President Donald Trump blocked Singapore chipmaker Broadcom from pursuing a hostile takeover of U.S. rival Qualcomm, ruling the proposed combination would imperil national security.
The decision, announced late Monday, abruptly ends Broadcom’s four-month, $117 billion bid to buy Qualcomm — a deal that would have been the largest ever completed in the technology industry.
In a statement, Broadcom said it “strongly disagrees” that the acquisition raises any national-security concerns. Qualcomm did not immediately respond to a request for comment.
Trump’s order gives Broadcom few options other than to drop its bid, said Macquarie Securities analyst Srinivas Pajjuri.