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Trump signs order prohibiting Broadcom takeover of Qualcomm

FILE PHOTO – A sign to the campus offices of chip maker Broadcom Ltd is shown in Irvine, California, U.S., November 6, 2017. REUTERS

(Reuters) – U.S. President Donald Trump issued an order on Monday prohibiting Broadcom Ltd’s (AVGO.O) proposed takeover of Qualcomm Inc (QCOM.O) on grounds of national security.

Qualcomm has rebuffed Broadcom’s $117 billion takeover offer, which is under investigation by the Committee on Foreign Investment in the United States, a multi-agency panel led by the Treasury Department that reviews national security implications when foreign entities take over U.S. corporations.

 

 

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