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Broadcom said Wednesday it has withdrawn its offer to acquire Qualcomm in the wake of President Trump's order blocking the sale on national security grounds.

Qualcomm has always been a leader in previous iterations of broadband cellular network technologies like 3G and 4G and poured research and development money into developing 5G technology and related standards and practices.

Qualcomm had initially rebuffed Broadcom's overtures, initially saying that the offer materially undervalued the company.

As 5G technology is developed, "We're seeing China emerge and start to play a bigger role in the standards developing process", Erensen said.

However, a recent US presidential order blocked the acquisition of Qualcomm by Broadcom, setting up the biggest possible road block in Broadcom's plans.

Qualcomm is also fighting a $1 billion suit filed against it a year ago by Apple, which accuses the company of overcharging for its wireless chips and engaging in monopolistic tactics.

Broadcom said in a statement that it "strongly disagrees that its proposed acquisition of Qualcomm raises any national security concerns".

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Trump halts Broadcoms' bid for Qualcomm claiming national security is at risk
The company must stop the acquisition together with Broadcom and provide written proof of this once the step has been taken. Though Broadcom is based in Singapore, the principal worry rests with China.

The company's statement on the matter was brief and mostly boiled down to thank-yous to the people who had supported Broadcom's quest to acquire Qualcomm.

In his presidential order, Trump cited "credible evidence" that the takeover "threatens to impair the national security of the United States".

"We do not see any possible repercussions to US-Singapore relations - whilst Broadcom is incorporated in Singapore and is Singaporean-led, most of its manufacturing and R&D base is still centred in the US", he said. Broadcom has said that it will "continue to move forward with its redomiciliation process", and will still hold its special stockholders meeting on the 23rd. Doing so could have raised legal questions about whether the multi-agency Committee for Foreign Investment in the U.S. (CFIUS) had jurisdiction to investigate its Qualcomm takeover attempt.

Broadcom's proposal of investing a $1.5 billion fund into specific branches of Qualcomm's research to "to ensure USA leadership in future wireless technology" was rejected, as was its promise to sell "critical national security assets" to US-based companies only.

Intel's Broadcom deal alone would be worth $170 billion, according to Barron's, and that's without the successful Broadcom acquisition of Qualcomm.

In a statement, Treasury Secretary Steve Mnuchin supported the U.S. government's decision, noting that the "decision is based on the facts and national security sensitivities related to this particular transaction only".