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Corrected - Broadcom loses $19 billion in market value after bid to buy CA


By Sonam Rai and Vibhuti Sharma(Reuters) - (Corrects Emulex item in graphic)Chipmaker Broadcom Inc's surprise bid to buy software company CA Inc for $18.9 billion wiped off the same amount from its market value on Thursday, with investors and analysts struggling to find a clear reason for the deal.Citing an acquisition with no potential synergies, investors drove the company's shares down 19 percent to $197.50 - their worst day ever. CA rose 18.5 percent to $44.10.Broadcom, which has mushroomed in value by buying out rivals in the past decade's surge in mobile phone production, agreed on ...

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First Published: Fri, July 13 2018. 03:39 IST