US President Donald Trump on Monday blocked a planned USD 117 billion takeover of chipmaker Qualcomm by Singapore-based rival Broadcom for national security reasons, scuttling what would have been the biggest technology deal ever amid concerns that it would allow China to take the lead in the booming market of producing chips. Trump, in his executive order, said there is “credible evidence” that leads him to believe that if Broadcom Limited took control of the US-based Qualcomm it “might take action that threatens to impair the national security of the US”.As such, Broadcom and Qualcomm “shall immediately and permanently abandon the proposed takeover”, ordered the US President.”The proposed takeover of Qualcomm by the Purchaser is prohibited, and any substantially equivalent merger, acquisition, or takeover, whether effected directly or indirectly, is also prohibited,” Trump said in the executive order issued on Monday
