Broadcom Grovels To Congress For Qualcomm Takeover Approval Pledging 5G Dominance


Separately, Qualcomm Inc QCOM.O said it discontinued the role of executive chairman and named a new non-executive chairman as it seeks to curry favor with shareholders ahead of a proxy fight with Broadcom now slated for April 5.

"The bottom line is that a combined, American Broadcom-Qualcomm will be a more focused and stronger champion for sustained United States leadership in 5G than a standalone Qualcomm, an outcome that strongly supports America's national security interests", Broadcom stated in its letter. Broadcom's latest offer is $117 billion, a number Qualcomm claims is still too low. The company is now based in Singapore, but said in November that it will move its legal headquarters back to the United States. "When we complete our acquisition of Qualcomm, we expect to have more than 25,000 employees in the USA, working to make Broadcom the leading communication semiconductor company in the world".

The statement also promised to create a $1.5 billion fund with a focus on innovation to train and educate the next generation of U.S. engineers to ensure the country's lead in future wireless technology.

His letter follows an announcement by the Committee on Foreign Investment in the U.S. (CFIUS), which includes representative from several U.S. agencies and departments, said that it was concerned that the takeover would cause the fall behind in the global race to build reliable 5G wireless networks - threatening U.S. security. Qualcomm and a spokesman for the U.S. Treasury, which chairs CFIUS, declined to comment. China wants desperately to take the lead in technology from the USA and 5G is only one of several areas they are eager to control.

CFIUS worries Broadcom could thwart US technology leadership - headed by San Diego-based Qualcomm - in 5G networks. The job of CFIUS is to review acquisitions of US companies by foreign entities to assess potential national security implications.

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And a multi-camera API will allow stream access from "two or more physical cameras on devices running Android P", the post noted. Among the improvements, one that was probably added a bit later in the process was support for a screen cutout in the display.

The chip maker added that a merged company would maintain R&D spending levels and focus its efforts on "critical technologies that are essential to the U.S".

"Broadcom is committed to making the US the global leader in 5G", the company said in a statement.

Broadcom said on Friday it expected to complete its move to the United States by May 6.

"They don't invest in risk", said McGregor. "This means whatever Broadcom pays, the value of what they will get will be a fraction of that".