President Trump orders ban of Broadcom’s acquisition of Qualcomm
This afternoon, US President Donald Trump signed an order that bans any attempt by Singapore-based Broadcom from acquiring US-based Qualcomm.
Bloomberg reports that Trump was advised on the order by the Committee on Foreign Investment in the US, the Treasury Department sub-agency that was already investigating national security impacts from such a transaction.
“There is credible evidence that leads me to believe that Broadcom Ltd. might take action that threatens to impair the national security of the United States,” Trump stated.
Broadcom CEO Hock Tan was reported to have spent this afternoon at the Pentagon to curry favor with national security officials. The company had announced today that it would move up its redomiciling to the US by a month, potentially fetching up concern at CFIUS. Trump welcomed Tan to the White House back in November announcing domestification.