Broadcom has dropped its takeover bid for rival chipmaker Qualcomm after US President Donald Trump blocked the deal for national security reasons.
Trump issued an order to block the merger on Monday. The order stated that there is “credible evidence” if the Singapore-based Broadcom took control of the US-based Qualcomm, the company “might take action that threatens to impair the national security of the United States.”
Broadcom said in a statement it was disappointed with the outcome but would comply. That marks a turnaround from two days ago when Broadcom said that it “strongly disagrees that its proposed acquisition of Qualcomm raises any national security concerns.”
Spokespeople for Apple France and Google France did not immediately respond to calls and messages from Reuters seeking comment.
Le Maire also said he expected the European Union to close tax loopholes that benefit Google, Apple, Facebook and Amazon by the start of 2019. Brussels is currently examining measures to improve the taxation of overseas tech giants’ online business in European markets.