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Reuters

Trump signs order prohibiting Broadcom takeover of Qualcomm

FILE PHOTO - A sign to the campus offices of chip maker Broadcom Ltd is shown in Irvine, California, U.S., November 6, 2017. REUTERS/Mike Blake

WASHINGTON (Reuters) - U.S. President Donald Trump issued an order on Monday prohibiting Broadcom Ltd's <AVGO.O> proposed takeover of Qualcomm Inc <QCOM.O> on grounds of national security.

Qualcomm has rebuffed Broadcom's $117 billion takeover offer, which is under investigation by the Committee on Foreign Investment in the United States, a multi-agency panel led by the Treasury Department that reviews national security implications when foreign entities take over U.S. corporations.

FILE PHOTO - U.S. President Donald Trump leaves the room after meeting with the Houston Astros, the 2017 World Series Champions, in the East Room at the White House in Washington, U.S. March 12, 2018. REUTERS/Leah Millis

(Reporting by Eric Beech; Editing by Eric Walsh)

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