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Broadcom promises on security, Qualcomm revamps board


(Reuters) - Ltd has promised not to sell critical national security assets to foreign buyers if its deal to buy chipmaker Inc is approved, another effort by the Singapore-based firm to appease U.S. security concerns.

Separately, Inc said it discontinued the role of and named a new as it seeks to curry favour with shareholders ahead of a proxy fight with now slated for April 5.

Broadcom's $117 billion bid for has warped into a complex fight over regulatory approvals, security nerves about China's influence on global and the best way forward financially for one of the world's dominant chipmakers.

In an open letter to the on Friday, promised to invest $3 billion in research and engineering and $6 billion in manufacturing in the annually. It did not say how those numbers compared with current spending by the two companies.

Qualcomm's annual shareholder meeting, now slated for April 5, was postponed by 30 days after the in the (CFIUS) this week ordered a national security review of the takeover.

The has raised concerns that Chinese companies, including the and Huawei Technologies, will take advantage of any openings to take the lead in the next generation known as 5G.

"will not sell any critical national security assets to any foreign companies," the letter said. "Of course, any dispositions of assets to foreign buyers would be themselves subject to CFIUS review."

(Reporting by and in Bengaluru; Editing by and Patrick Graham)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, March 09 2018. 19:12 IST