US blocks Broadcom’s bid to buy Qualcomm over security concerns

US blocks Broadcom's bid to buy Qualcomm over security concerns 

A file photo showing the Qualcomm logo displayed at their booth at the 2015 International Consumer Electronics Show (CES) in Las Vegas, Nevada, USA, Jan. 06, 2015. EPA-EFE/FILE/MICHAEL NELSON

Washington, Mar 12 (efe-epa).- The President of the United States blocked Monday Singaporean firm Broadcom’s bid to acquire US company Qualcomm for $117 billion, over national security concerns.

Donald Trump said the operation, which would have been the largest in the technology sector, “threatens to impair the national security of the United States.”

“The proposed takeover of Qualcomm by the Purchaser is prohibited, and any substantially equivalent merger, acquisition, or takeover, whether effected directly or indirectly, is also prohibited,” said Trump in an executive order.

Broadcom had launched its takeover bid in November last year at a price of $70 per share, that it raised to $82 in February.

The Qualcomm management had rejected offers by Broadcom and the Trump government earlier this month and ordered the California-based company to delay a meeting in which the shareholders were set to name new executives.

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