Broadcom’s Qualcomm bid blocked on security grounds

President Donald Trump blocked Singapore chipmaker Broadcom from pursuing a hostile takeover of U.S. rival Qualcomm on national-security grounds.

The decision, announced late Monday, abruptly ends Broadcom’s four-month, $121 billion bid to acquire Qualcomm — a deal that would have been the largest ever completed in the technology industry.

Trump decided to squelch Broadcom’s bid on the recommendation of the Committee on Foreign Investment in the United States, which reviews foreign purchases of U.S. entities.