MarketWatch First Take: If Broadcom-Qualcomm deal can’t pass Trump’s test, what can?

The surprising intervention of President Donald Trump into Broadcom Ltd.’s takeover attempt of Qualcomm Inc. could have a major chilling effect on any foreign deals for U.S. tech companies, and could throw a wrench into American companies’ bids for foreign rivals.

On Monday night, Trump blocked Broadcom AVGO, -0.24% from any further attempts to gain control of Qualcomm QCOM, +0.70% citing national security concerns. Trump halted what would have been the largest tech merger in history just days after Qualcomm delayed a crucial shareholder vote at the request of the Committee on Foreign Investment in the United States, or CFIUS.

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