Tic tac ... US President Donald Trump stepped in to block Broadcom’s $142 billion hostile takeover of Qualcomm over national security concerns, ending a deal which Reuters reported would have been the biggest ever in the technology sector. <br /> <br /> Trump issued a an unprecedented presidential order, which was based on a recommendation by the Committee on Foreign Investment in the US (CFIUS). <br /> <br /> The order stated: “There is credible evidence that leads me to believe that Broadcom, a limited company organised under the laws of Singapore, along with its partners…through exercising control of Qualcomm, might take action that threatens to impair the national security of the United States.” <br /> <br /> Broadcom issued a short statement saying it is reviewing the order and “strongly disagrees that its proposed acquisition of Qualcomm raises any national security concerns.” <br /> <br /> In its own statement, Qualcomm said it had been ordered to reconvene a postponed annual stockholders meeting at the earliest available date: based on a required ten-day notice period, this will occur on 23 March. The company noted all directors nominated by Broadcom are prohibited from standing for election. <br /> <br /> Broadcom originally nominated 11 potential members to Qualcomm’s board, but subsequently pared the number back to six. <br /> <br /> Security fears <br /> US authorities had raised fears a takeover would hand the initiative in 5G development to China. In early March CFIUS – which is part of the US treasury – ordered a 30-day delay on the Qualcomm shareholder vote, as it as it investigated the proposed deal. <br /> <br /> The executive order from the president came despite Broadcom announcing plans to accelerate a move from Singapore to the US to ease concerns a takeover of Qualcomm posed a threat to national security. The Singapore-based chipmaker said it would relocate its official base to the US by end-April at the latest: Reuters reported Broadcom aimed to complete the move by 3 April, two days before Qualcomm was due to hold its postponed shareholder meeting. <br /> <br /> Last week Broadcom pledged to make the US a global leader in 5G and set up a $1.5 billion fund to train engineers in future technologies should its attempt to acquire Qualcomm be successful. <br /> <br /> Broadcom made its first move on Qualcomm in November 2017 and since amended its offer several times following opposition from Qualcomm’s management: the latest bid stood at $79 per share.