Donald Trump

Trump Blocks Broadcom-Qualcomm Deal

Evan Vucci/AP

President Donald Trump killed Broadcom's proposed buyout of Qualcomm, citing national security concerns, according to a statement issued by the White House on Monday.

"There is credible evidence that leads me to believe that Broadcom Limited, a limited company organized under the laws of Singapore (Broadcom)...through exercising control of Qualcomm Incorporated (Qualcomm), a Delaware corporation, might take action that threatens to impair the national security of the United States," the statement said

Both companies were ordered to immediately abandon the proposed deal, CNBC reported.

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