US Republican senator backs review of Broadcom's Qualcomm bid

Broadcom return to US could be complete in May

Broadcom return to US could be complete in May

The reason for the requested delay is a general concern about safeguarding Amrica's semiconductor technology over security worries. The Committee on Foreign Investment in the United States (CFIUS), which reviews deals for potential national security concerns, rarely reviews mergers before companies have clinched an agreement. The Committee on Foreign Investment in the United States (CFIUS) directed Qualcomm to postpone the meeting for 30 days.

Reuters reported last week that CFIUS had begun looking at Broadcom's bid amid growing pressure from lawmakers, including President Donald Trump's fellow Republicans in Congress.

Broadcom is incorporated in Singapore and co-headquartered there and in the USA, which gives CFIUS say over the attempted acquisition. Investors were poised to vote at the meeting on the Broadcom bid.

Cornyn said Qualcomm is the leading US company in driving 5G development, and an acquisition by Broadcom could stall that and hand the leadership of 5G R&D to Huawei, a Chinese tech firm.

The national security review stems from Qualcomm's leadership of 5G wireless technology. "They would just have to buy Huawei (equipment)".

Qualcomm's shareholder vote will now be delayed at least a month as the Committee on Foreign Investment in the US investigates Broadcom's proposed deal. Such a move could hurt the USA effort to develop 5G wireless technology because of the small existing number of suppliers that build the hardware.

CFIUS' intervention was unusual in that the panel typically reviews signed deals. He has proposed legislation to tighten CFIUS' scrutiny of deals. Qualcomm is right to oppose this greed-motivated deal. Broadcom has nominated six directors to Qualcomm's board in its effort to purchase the company, and a Monday report from Bloomberg News said that shareholders were backing Broadcom's nominees in early voting.

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Shares of Qualcomm qcom lost 1% to close at $64.01 on Monday, and remained well below Broadcom's offer price.

Cornyn said on Monday he was glad CFIUS had chose to review the deal, noting aggression by "international rivals, like China".

The government stepped in to effectively delay the apparent hostile takeover of USA chipmaker Qualcomm by Singapore-based Broadcom Limited that would be the largest tech merger ever. The company is now based in Singapore but late a year ago promised to move its headquarters to the United States. Some critics of Broadcom's merger plans say that domestic control of that technology is an important to maintaining national security and maintaining a stake in the future of 5G technologies.

"Broadcom continues to pursue the redomiciliation process as expeditiously as possible", Broadcom said.

The annual meeting will be reconvened at 8:00am PST in San Diego, California, on April 5th.

On Sunday, CFIUS instructed Qualcomm to delay by 30 days its annual shareholder meeting, which had been scheduled for Tuesday.

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