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CORRECTED: Broadcom to buy back up to $12 billion of shares


(Reuters) - Chipmaker Inc said on Thursday it would buy back up to $12 billion of its common stock, sending its shares up 4.5 percent to $250 in extended trading.

The company, which last month ended its efforts to acquire rival , said the repurchase program is effective immediately until the end of Broadcom's fiscal year 2019.

moved back to the from earlier this month, following U.S. Donald Trump's decision to block its $117 billion offer to buy Qualcomm on national security concerns.

The San Jose, based company has about 411 million outstanding shares and a market value of about $98.71 billion as of Thursday's close.

(This version of the story corrects to say "end of Broadcom's fiscal year 2019" instead of "end of its fiscal year on Nov. 3" in second paragraph)

(Reporting by Uday Sampath in Bengaluru; Editing by Arun Koyyur)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, April 13 2018. 03:24 IST