Crucial Qualcomm vote delayed by USA probe into Broadcom bid

In an open letter to the U.S. Congress on Friday, Broadcom promised to invest $3 billion in research and engineering and $6 billion in manufacturing in the United States annually.

The committee's concern is that a reduction in Qualcomm's ability to drive 5G innovation would give Chinese companies-particularly Huawei-an advantage.

Broadcom promised Wednesday to make the USA a global leader in new 5G networks in hopes of easing government fears that its hostile takeover of Qualcomm would derail America's mobile technology leadership.

Separately, Qualcomm Inc QCOM.O said it discontinued the role of executive chairman and named a new non-executive chairman as it seeks to curry favor with shareholders ahead of a proxy fight with Broadcom now slated for April 5.

Should the acquisition happen, Broadcom said it would have more than 25,000 employees in the US.

Broadcom in November 2017 announced an unsolicited $105 billion bid for Qualcomm, the world's top maker of processors for mobile devices like smartphones and tablets.

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Enderle questioned what is driving Broadcom to make its hostile takeover bid and said US regulators should work to see who might be behind the push, a question he said is of more importance than 5G. The review of Broadcom's bid illustrates the US government's expanding focus on the competitiveness of the national semiconductor industry as China advances.

"The bottom line is that a combined, American Broadcom-Qualcomm will be a more focused and stronger champion for sustained United States leadership in 5G than a standalone Qualcomm, an outcome that strongly supports America's national security interests", Broadcom stated in its letter.

Over the weekend, the government asked Qualcomm, which is based in San Diego, to delay its annual shareholder meeting by 30 days as it conducts its review. "When we complete our acquisition of Qualcomm, we expect to have more than 25,000 employees in the USA, working to make Broadcom the leading communication semiconductor company in the world".

CFIUS's intervention at this early stage is rare. They were to have voted on Broadcom's nominations for six replacement Qualcomm board members - if successful, the predator would have gained a potential majority on the 11-person board, paving the way for acceptance of its bid.

CFIUS worries Broadcom could thwart US technology leadership - headed by San Diego-based Qualcomm - in 5G networks.

Broadcom shares are up 0.06% to $247.10.

(Copyright © 2015. All Rights Reserved.)
 
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