Broadcom promises not to sell security assets

Reuters

Broadcom first telegraphed its intention to acquire significantly larger competitor Qualcomm in late 2017 with an unsolicited bid worth, at the time, almost £100 billion.

While Intel may be hoping for the hostile takeover to fail, but in the event, Broadcom's acquisition of Qualcomm succeeds, then Intel may try to buy Broadcom so that it doesn't have to compete with Broadcom.

CFIUS' instructions to Broadcom were disclosed by Qualcomm in a regulatory filing with the U.S. Securities and Exchange Commission that contained CFIUS' interim order to both companies.

Should the deal between Broadcom and Qualcomm fall through, Intel's attempt to try and acquire Broadcom would help the company add a host of smartphone chips, as well as Bluetooth and Global Positioning System components.

The previously undisclosed requirement shows that the Committee on Foreign Investment in the United States (CFIUS), which reviews foreign acquisitions of USA companies for potential national security risks, is aware that its jurisdiction could be contested if Broadcom redomiciles to the United States.

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Broadcom revealed its plan to acquire Qualcomm in November a year ago. The newspaper said Intel's anxious about the power a combined Broadcom and Qualcomm would hold.

Rep. Duncan Hunter, (R-Calif.), on national security concerns over Broadcom's bid for Qualcomm and reports that North Korea is open to talks with the U.S. The Committee on Foreign Investment in the United States (CFIUS) said it had "confirmed the national security concerns" in a letter from a senior official sent Sunday, which was obtained by The Daily Caller News Foundation. Broadcom has nominated a slate of six candidates for Qualcomm's 11-member board of directors, but a shareholder vote on the new board has been delayed by the CFIUS investigation.

The semiconductor industry is racing to develop chips that power so-called 5G wireless technology, allowing the transmission of data at faster speeds. Once the move is done, Broadcom could argue that CFIUS does not have jurisdiction, the second expert said.

Broadcom CEO Hock Tan announced the proposed move last November, at an event held in the Oval Office of the White House featuring President Donald Trump.

In response to the letter, Broadcom said: "There can be no question that an American Broadcom-Qualcomm combination will provide far more resources for investments and development to that end". The nation's Ministry of Commerce (MOFCOM) is still reviewing the acquisition, and recent moves by the U.S. government to impose trade tarrifs on Chinese steel and aluminum could complicate matters.

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