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Trump blocks $117bn takeover of US tech firm

Trump blocks $117bn takeover of US tech firm

World
Donald Trump has exercised rarely-used powers to block the hostile takeover of mobile chipmaker Qualcomm by Singapore-based rival Broadcom.The White House said the President was acting on the recommendation of the Committee on Foreign Investment in the United States, which reviews foreign purchases of US companies, to reject the proposed $ 117bn offer on national security grounds.It would have been the most valuable tech takeover in the world had it gone ahead.Broadcom had gone directly to shareholders after a previous offer was rejected by Qualcomm.Its bid interest was blocked at a sensitive time - given the world is gearing up for the roll-out of ultra fast 5G mobile services and Mr Trump's wider agenda to protect the interests of US companies.The committee had warned that "a shift to Ch...