He cited multiple news reports that the Committee on Foreign Investment in the United States is reviewing the proposed $100 billion-plus hostile takeover attempt.
“Reports that CFIUS has begun a review of Broadcom’s proposed takeover of Qualcomm demonstrates that the Trump Administration is taking the national security concerns I raised in my recent letter seriously,” said Hunter, a member of the House Armed Services Committee.
“Qualcomm has critical intellectual property that is important to communication capability and it must be protected. In previous mergers, Broadcom has a clear history of initiating layoffs and the economic ramifications for San Diego could be devastating; we must protect these jobs and national security.”
Hunter send the letter to Trump last week. Sen. John Cornyn of Texas also expressed concerns with the possible takeover and sent a letter to Treasury Secretary Steve Mnuchin urging CFIUS to expedite and complete its review prior to Qulacomm’s shareholders meeting next week.
“The scheduled shareholding meeting on March 6 is critical,” said Hunter. “If Broadcom forces a vote, it could potentially take control of Qualcomm’s governing board. The time to act is now and it is imperative that CIFUS move quickly.”