Broadcom’s takeover bid of Qualcomm takes broadside hit

Singapore-based Broadcom has been dealt a major blow in its takeover bid of Qualcomm. US president Donald Trump has issued an order against the US$117 billion deal.

The bid was investigated by the US Committee on Foreign Investment in the United State and deemed a national security concern.

“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,” noted the presidential order.

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