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Broadcom ends bid for Qualcomm after President Trump nixes deal


(Reuters) - Singapore-based Ltd withdrew its $117 billion bid to acquire Inc on Wednesday, two days after U.S. blocked the attempt citing national security concerns.

The company said it has also withdrawn its of for Qualcomm's annual shareholder meeting.

Broadcom, however, expects to continue with its plan to redomicile to the

"Although we are disappointed with this outcome, will comply with the order," the chipmaker said.

Sources had told on Tuesday that was ready to scrap its bid for

Broadcom's board met late on Tuesday to formalize plans to move its base to the United States, at a cost of about $500 million a year under a higher tax rate, the sources said.

Being based in the as opposed to should make it easier for Broadcom to make acquisitions of U.S. companies without falling under the jurisdiction of the in the (CFIUS).

Shares of Broadcom were untraded, while those of were up marginally before the opening bell.

(Reporting by in Bengaluru; Editing by Arun Koyyur)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Wed, March 14 2018. 19:55 IST