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business news

Trump blocks takeover of Qualcomm by Broadcom

On Monday, President Trump blocked the Singapore-based chip manufacturer Broadcom from its $117 billion bid on rival Qualcomm.

The federal Committee on Foreign Investment in the United States had found that the purchase would benefit Chinese competitors attempting to produce next-generation mobile technology, and would also eliminate a supplier of telecommunications technology for federal defense agencies, Politico reports. This would have been the largest tech takeover in U.S. history.

Broadcom's acquisition of Brocade Communications was approved in November, after Broadcom CEO Hock Tan announced during a press conference at the White House that the company would be moving its headquarters to the U.S. because of Trump's tax reform bill.