Photo: ReutersWashington: President Donald Trump issued an executive order Monday blocking Broadcom Ltd. from pursuing its hostile takeover of Qualcomm Inc., scuttling a $117 billion deal that had been scrutinized by a secretive panel over its threat to US national security. That was just the fourth time in a quarter century that a US president stopped a foreign takeover of an American firm on national security grounds. Broadcom said in a statement it was reviewing the order and that it “strongly disagrees that its proposed acquisition of Qualcomm raises any national security concerns.” Qualcomm didn’t respond to requests for comment. Before waiting for an actual deal, CFIUS opened an investigation to review the risks to national security. Tan’s meeting followed a letter from Treasury to the companies Sunday that said national security risks from the takeover may prompt a recommendation to Trump to block the deal.
Source: Mint March 13, 2018 00:33 UTC