Broadcom exits bid for Qualcomm
Print Edition
SINGAPORE-BASED Broadcom Ltd withdrew its US$117 billion bid to acquire Qualcomm Inc on Wednesday, two days after US President Donald Trump blocked the attempt citing national security concerns.
The company said it has also withdrawn its slate of independent director nominees for Qualcomm’s annual shareholder meeting.
Broadcom, however, expects to continue with its plan to redomicile to the United States.
“Although we are disappointed with this outcome, Broadcom will comply with the order,” the chipmaker said.
Broadcom’s board met late on Tuesday to formalize plans to move its base to the US, at a cost of about US$500 million a year under a higher tax rate, the sources said.
Being based in the US as opposed to Singapore should make it easier for Broadcom to make acquisitions of US companies without falling under the jurisdiction of the Committee on Foreign Investment in the United States.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
