14 Mar '18, 6am

Singapore-based Broadcom to end bid for Qualcomm, keeps plan to move to U.S.: sources

(Reuters) - Singapore-based Broadcom Ltd (AVGO.O ) is planning to scrap its bid for Qualcomm Inc (QCOM.O ), after U.S. President Donald Trump blocked the chipmaker’s proposed acquisition on national security grounds earlier this week, although it will press on with its plan to move its base to the United States, according to sources familiar with the matter. Broadcom’s board was meeting on Tuesday night to formalize its plans and it could make an announcement as soon as Wednesday, the two sources added. The company will also drop its challenge to Qualcomm’s board, the people added. Broadcom will continue with its plan to redomicile to the United States, a move that will cost it about $500 million a year under a higher tax rate, the sources added. Being based in the United States as opposed to Singapore will allow Broadcom to make what it believes will be acquisitions of U....

Full article: https://www.reuters.com/article/us-qualcomm-m-a-broadcom/...

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