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Broadcom ends bid for Qualcomm after President Trump nixes deal

Reuters 

(Reuters) - Singapore-based Broadcom Ltd withdrew its $117 billion bid to acquire Qualcomm Inc on Wednesday, two days after U.S. President Donald Trump blocked the attempt citing national security concerns.The company said it has also withdrawn its slate of independent director nominees for Qualcomm's annual shareholder meeting.Broadcom, however, expects to continue with its plan to redomicile to the United States."Although we are disappointed with this outcome, Broadcom will comply with the order," the chipmaker said.Sources had told Reuters on Tuesday that Broadcom was ready to scrap its ...

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