Broadcom vows to invest $1.5B to train U.S. engineers

Broadcom's Qualcomm bid gets a kick in the groin from the US government

The company is now based in Singapore, but said in November that it will move its legal headquarters back to the United States. According to the letter, Huawei has been increasing its research and development work in 5G and owns about 10 percent of essential patents for 5G technology.

The $106 billion (£76bn) of debt Broadcom has arranged to finance the $117bn deal could also increase pressure to focus on short-term profits, Mir wrote.

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 reiterated that it expects to complete the process of redomiciling to the United States from Singapore no later than 06 May.

"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.

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The letter is dated Monday, 5 March, and was made public by Qualcomm on Tuesday when the company announced it would postpone a critical shareholder meeting from 6 March, rescheduling it to 5 April. "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". But it now appears willing to continue to pursue its bid for Qualcomm through the CFIUS review, said Bernstein Research Analyst Stacy Rasgon in a research note.

Broadcom says it will earmark $1.5bn for funding of 5G wireless broadband networks as part of its proposed acquisition of Qualcomm.

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

Qualcomm agreed to put its annual shareholder meeting on hold this week to allow the CFIUS to conduct an investigation into Broadcom's efforts.

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Broadcom said it is run by a board of directors and senior management team consisting nearly entirely of Americans.

An investigation by the CFIUS into a deal that has been proposed, but not yet completed, is highly unusual, and underscores the US' concerns about maintaining its dominance in semiconductors in the face of advances by China. "Limitation or cessation of supply of Qualcomm products or services to the USA government could have a detrimental impact on national security".

"We can not overstate the likely harm (from a Broadcom hostile takeover) that would result to Qualcomm, the USA company leading the development of 5G and other next-generation technologies, as well as to the United States security interests", said the Gallagher letter. Both trade on the Nasdaq.

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