Tuesday, 25 September, 2018

Broadcom pledges 5G commitment to keep Qualcomm offer on track

SPECIAL REPORT The inside story of Boko Haram’s first-ever visit to Dapchi Qualcomm takeover bid halted by US government
Glenn Montgomery | 08 March, 2018, 02:12

Broadcom notes that it is in the process of moving its official headquarters from Singapore to the USA, in part to assuage any worries over national security threats.

Mir noted that Chinese companies such as Huawei, which is also the No. 3 smartphone maker, have increased their engagement in 5G's development and that Huawei owns about 10 percent of 5G essential patents.

The proposed takeover of Qualcomm by Broadcom could be the largest ever tech acquisition in history if it is given the go-ahead. The company is in the midst ofreincorporating in the United States, and has said it expects the move to be completed in the coming weeks.

Qualcomm's sale to Singapore-based Broadcom could hurt the chip maker's competitiveness by reducing research and development, which would threaten United States security, treasury said in a 5 March letter released by Qualcomm on Tuesday. "Entrusting this effort to a failing Qualcomm management who lack the support of its owners, and that pays out much of its excess cash flow in fines as a result of serial lawbreaking, would not be in America's long-term interests".

"There can be no question that an American Broadcom-Qualcomm combination will provide far more resources for investments and development", Broadcom said in a statement.

"While the United States remains dominant in the standards-setting space now, China would likely compete robustly to fill any void left by Qualcomm as a result of this hostile takeover", the letter said.

'Reduction in Qualcomm's long-term technological competitiveness and influence in standard setting would significantly impact U.S. national security, ' the letter said.

There's been yet another twist in the ongoing saga of Broadcom's attempt to take over Qualcomm.

Broadcom said it is cooperating with the investigation. Harm to Qualcomm's innovation would allow China to expand its influence in key wireless technology, the government said. In a statement published Wednesday, the company hit back against the CFIUS statement and Qualcomm, while also offering an olive branch to try and appease regulators. Any changes in supply of these products or services could pose national security concerns.

The new fund Broadcom is proposing would focus on innovation to train and educate the next generation of engineers in the US, ensuring America's lead in future wireless technology, it said.

Qualcomm's shares slipped 41 cents to $64.33, while Broadcom's were down $1.46 at $249.41.

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