Monday, 25 June, 2018

Trump's Qualcomm decision -- Is it a megadeal red flag?

President Trump “US Technology is Not for Sale Broadcom boss 'will beat Trump deal block'
Velma Reese | 14 March, 2018, 20:32

Singapore-based Broadcom Ltd. said Wednesday it still plans to redomicile to the USA after the Trump administration forced it to withdraw its hostile bid for US chip maker Qualcomm Inc.

But the United States is anxious that a takeover would dramatically reduce investment and research at Qualcomm, giving an advantage to China.

Trump said that the government had come across "credible evidence" that a merger between the two companies "threatens to impair the national security of the US".

The requirement showed that CFIUS, an inter-agency panel led by the U.S. Treasury, was aware that its jurisdiction could be contested if Broadcom redomiciles to the United States.

The move follows the receipt of a Presidential Order that called for the immediate and permanent abandonment of the proposed $117 billion deal for the takeover of Qualcomm by Broadcom amid national security concerns.

If that should happen, a Chinese company like Huawei, which the committee has previously expressed concerns about, could step in and become dominant as 5G technology and standards and practices are developed and implemented.

Nepal's first woman president wins second term
An electoral college also voted in the Presidential elections, which included the members of Parliament and Provincial Assemblies. Bhandari mustered 39,275 votes while Rai garnered 11,730 votes, Election Commission spokesperson Nawaraj Dhakal said.

Industry analysts speculated that Qualcomm's advanced work on 5G technology was the reason for the government's move to block the deal.

That could mean a significant reduction in spending on 5G research and development at Qualcomm, which totaled $5.5 billion in its most recent financial year.

Congress issued a critical report on the Chinese tech firm in 2012 that effectively shut it out of the USA market. "In the absence of information that changes CFIUS's assessment of the national security risks posed by this transaction, CFIUS would consider taking further action, including but not limited to referring the transaction to the president for decision". European-based companies could do the same, too.

Compared to earlier generations of wireless technology, "we're seeing China emerge and start to play a bigger role in the standards developing process", Erensen said.

"Given well-known US national security concerns about Huawei and other Chinese telecommunications companies, a shift to Chinese dominance in 5G would have substantial negative security consequences for the United States". The company launched its unsolicited bid in November and was quickly and repeatedly rebuffed by Qualcomm's management and board.

"The cases [against the deal] as laid out feel very weak to us, but politics is politics", Rasgon wrote earlier in March.

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