Qualcomm asked USA security panel to delay shareholder meeting: Broadcom

Qualcomm asked U.S. security panel to delay shareholder meeting Broadcom

The government's national security merger review body, called the Committee on Foreign Investment in the US, asked Qualcomm to delay its scheduled shareholder elections this week so the committee could continue reviewing the possible merger.

The intervention highlights growing US concerns about safeguarding semiconductor technology.

"The Committee on Foreign Investment in the United States issued an interim order to Qualcomm directing it to postpone its annual stockholders meeting and election of directors by 30 days", a Treasury spokesman said in a statement.

The vote was set to take place Tuesday at Qualcomm's annual shareholders meeting.

Qualcomm officials countered that the Broadcom response "is a continuation of its now familiar pattern of deliberately seeking to mislead shareholders and the general public by using rhetoric rather than substance to trivialize and ignore serious regulatory and national security issues". The offer was cut from $82 a share, or $121 billion, after Qualcomm raised its bid for NXP Semiconductors.

A source familiar with CFIUS thinking said that if the deal was completed, the US military was concerned that within ten years,"there would essentially be a dominant player in all of these technologies and that's essentially Huawei, and then the American carriers would have no choice".

Last week, - a move that might have national security implications for the development of 5G technology in America. Broadcom has nominated six people to serve on Qualcomm's 11-member board of directors.

The announcement Monday creates a new hurdle for the deal.

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

Broadcom is the middle of moving its legal domicile back to the United States from Singapore, which should be completed in the next few months.

Trump praised the move at the time, calling Broadcom "one of the really great, great companies".

Wrapping up the move from Singapore and redomiciling in the United States relatively quickly could remove a roadblock to the proposed deal by calming concerns at the inter-agency Committee on Foreign Investment in the United States (CFIUS), which has the power to stop deals that could harm national security.

Broadcom has said that its chief executive, Hock Tan, and most of its senior management are American, and that they plan to relocate the company to the U.S.

Qualcomm hit back with a statement claiming Broadcom couldn't have been shocked, since it has been engaging with the CFIUS for weeks.

Qualcomm still is awaiting approval from regulators in China to acquire NXP.

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