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Broadcom to buy back up to $12 billion of shares

Published 04/12/2018, 05:50 PM
© Reuters. FILE PHOTO: A sign to the campus offices of chip maker Broadcom Ltd, who announced on Monday an unsolicited bid to buy peer Qualcomm Inc for $103 billion, is shown in Irvine, California
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(Reuters) - Chipmaker Broadcom Inc (O:AVGO) 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 Qualcomm Inc (O:QCOM), said the repurchase program is effective immediately until the end of Broadcom's fiscal year 2019.

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

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

© Reuters. FILE PHOTO: A sign to the campus offices of chip maker Broadcom Ltd, who announced on Monday an unsolicited bid to buy peer Qualcomm Inc for $103 billion, is shown in Irvine, California

(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 paragraph 2)

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