Broadcom Ltd., which is struggling in its hostile bid for the takeover of Qualcomm Inc., said the plan for the transfer of corporate headquarters to Delaware from Singapore would be completed a month earlier than in the initial schedule. The chipmaker led by Hock Tan, pictured front with United States President Donald Trump, estimated on Monday that the move would be done by April 3.
"In short, US national security concerns are not a risk to closing, as Broadcom never plans to acquire Qualcomm before it completes redomiciliation... Broadcom, which is in all important respects a US company, has been repeatedly approved by CFIUS in its previous acquisitions of US companies and has always engaged productively with CFIUS to ensure US national security is protected," said the statement. The Committee on Foreign Investment in the US has warned last week it started to investigate the process.
Immediately after the press release was issued, reports emerged that yesterday the government panel actually told Broadcom it has violated an order and that there are other breaches as well, including in the process of moving from Singapore.