The U.S. government has outlined key concerns about Broadcom 's proposed merger with Qualcomm, including national security and a risk that Qualcomm could lose ground to China on developing 5G wireless network technology.
Additionally, U.S. officials speaking on condition of anonymity said members of Congress and Federal Communications Commission officials were concerned that Broadcom could sell part of Qualcomm to a Chinese firm. With 11 seats on the Board, Broadcom lobbed in a slate of 6 candidates, hoping that it could win control of Qualcomm and rubber stamp Broadcom's $117 billion bid for the Snapdragon chip designer.
Today, Qualcomm stockholders were supposed to vote on the make up of the company's Board of Directors.
Huawei has been forging closer commercial ties with big telecom operators across Europe and Asia, putting the company in prime position to lead the global race for 5G networks despite U.S. concerns.
Sen. Tom CottonThomas (Tom) Bryant CottonGOP looks for Plan B after failure of immigration measures Senate rejects Trump immigration plan Our intelligence chiefs just want to tell the truth about national security MORE (R-Ark.), who has urged a crackdown on Huawei's forays into the US market, praised the CFIUS intervention on Monday. San Diego-based Qualcomm has emerged as one of the biggest competitors to Chinese companies vying for market share in the sector, such as Huawei Technologies Co., making Qualcomm a prized asset.
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Anyway, CFIUS rarely gets involved before a deal is signed Broadcom and Qualcomm are still negotiating.
"Qualcomm's work is too important to our national security to let it fall into the hands of a foreign company - and in a hostile takeover no less", Cotton said in a statement Monday.
Broadcom has struggled to complete its proposed deal to buy Qualcomm as the latter has resisted, citing several concerns including the price offered and potential antitrust hurdles.
"This was a blatant, desperate act by Qualcomm to entrench its incumbent board of directors and prevent its own stockholders from voting for Broadcom's independent director nominees", the statement said. Broadcom is based in Singapore.
Some of the United States government's concerns relate to risks associated with Broadcom's relationships with foreign entities, Aimen Mir, the Treasury's deputy assistant secretary for investment security, said in the letter, without identifying who those parties might be.