Broadcom withdraws $142bn offer for Qualcomm

Move follows decision by US president Donald Trump to block deal

Donald Trump cited national security concerns when he vetoed the deal. Photograph: Reuters

Donald Trump cited national security concerns when he vetoed the deal. Photograph: Reuters

 

Broadcom withdrew its $142 billion (€115 billion) offer to purchase Qualcomm on Wednesday, two days after US president Donald Trump blocked the Singapore chipmaker’s pursuit of its rival, citing national security concerns.

The move, while expected, brought to an end a months-long battle between the two companies.

Broadcom said it would still move its official base from Singapore to the US and would hold its special stockholder meeting on March 23rd.

“Although we are disappointed with this outcome, Broadcom will comply with the order,” the company said in a statement.

– Copyright The Financial Times Limited 2018