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Qualcomm takeover bid halted by US government

2018-03-06 16:13 by
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The United States government said Broadcom's proposed acquisition of rival chipmaker Qualcomm could pose a national security risk and called for a full investigation into the hostile bid.

The investigation will be conducted by the Committee on Foreign Investment in the United States (CIFUS), a body chaired by the US Treasury that can recommend deals be blocked. The CFIUS rarely reviews mergers before companies have clinched an agreement.

CFIUS asked Qualcomm to postpone its shareholder meeting, scheduled for Tuesday, by 30 days. It was reported last week that CFIUS had begun looking at Broadcom's bid as pressure grew from politicians, including senior Republican senator John Cornyn.

Some of the U.S. government's concerns relate to risks associated with Broadcom's relationships with foreign entities, Aimen Mir, the Treasury's deputy assistant secretary for investment security, said in a letter, without identifying who those parties might be.

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