Qualcomm Outspent Broadcom About 100 to 1 in Lobbying
Qualcomm Outspent Broadcom About 100 to 1 in Lobbying
President Trump invoked national security in blocking Broadcom's proposed takeover
14 March, 2018, 20:32
Broadcom Ltd Chief Executive Hock Tan is unlikely to slow his acquisition spree after US President Donald Trump blocked the microchip maker's US$117 billion (RM456.7 billion) bid for Qualcomm Inc on national security grounds, analysts said yesterday. In February, he wrote to Treasury Secretary Steven Mnuchin saying Broadcom's bid to win control of Qualcomm's board at a March shareholders meeting should be examined by the Committee on Foreign Investment in the US, according to a copy of the letter obtained by Bloomberg. Companies including Qualcomm and China's Huawei have been investing heavily to stake their claim in the underlying technology. Given a wave of consolidation in the telecom-equipment industry, fewer companies are involved "and the stakes are bigger", he said.
"The case against the acquisition is inherently tied to the argument that the transaction could adversely impact USA control of the pace and progress of the development of 5G technologies", he said. "This is in large part because of a weakening of Qualcomm's position would leave an opening for China to expand its influence on the 5G standard-setting process". The move followed a letter from the Committee on Foreign Investment, which said that letting a foreign company control Qualcomm would pose a security risk. But it might slow it down, Fleming said: "They honestly believe they are helping to protect national security by doing this".
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Broadcom had meant to move its official headquarters to the U.S., thereby reducing the amount of oversight necessary to make the deal work.
CFIUS on March 4 ordered Qualcomm to postpone a shareholder meeting to vote on Broadcom's nominees as directors of the target. The initial voting also showed Broadcom on course to win all six board slots it was seeking.
Shares of Broadcom were untraded, while those of Qualcomm were up marginally before the opening bell.
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