PARIS • Broadcom Ltd formally abandoned its attempt to acquire rival chipmaker Qualcomm Inc after US President Donald Trump blocked the deal citing national security risks.
“Although we are disappointed with this outcome, Broadcom will comply,” the company said in a statement, bringing an official end to a months-long battle to land the technology industry’s biggest ever deal.
The retreat ends CEO Hock Tan’s most ambitious move yet in his efforts to build a chip empire, after leading Broadcom through a string of deals that have reshaped the US$400 billion (RM1.56 trillion) semiconductor industry in the last several years. The company launched its unsolicited bid in November and was quickly and repeatedly rebuffed by Qualcomm’s management and board.
Broadcom has also withdrawn its slate of independent director nominees to Qualcomm’s board, it said in the statement.