Broadcom to formally abandon Qualcomm bid, report says
Citing sources familiar with the matter, Bloomberg reports Broadcom is preparing to issue a statement Wednesday morning formally announcing its intent to end a hostile pursuit of industry rival Qualcomm.
The expected announcement comes one day after Trump blocked Broadcom's bid on the basis of national security concerns. U.S. government agencies, namely the Committee on Foreign Investment in the United States (CFIUS), expressed concern over the proposed purchase, saying a takeover could weaken Qualcomm's position in the global semiconductor industry.
In a statement on the matter, the White House on Monday said there is credible evidence that Broadcom, through a newly minted Qualcomm acquisition, "might take action that threatens to impair the national security of the United States."
