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Report: Intel considering takeover bid for Broadcom

Intel Corp. could make a takeover bid for Broadcom Ltd. if the Singapore-based chipmaker's proposed acquisition of QUALCOMM Inc. appears likely to succeed, The Wall Street Journal reported, citing people familiar with the matter.

The move is among a variety of options Intel is considering in response to Broadcom's $117 billion hostile takeover bid for Qualcomm, according to the report. The technology giant has been studying such an option since late 2017, some of the report's sources said. Broadcom has a market capitalization of more than $109 billion.

Intel wants Broadcom's bid for Qualcomm to fail since the combined entity would become a strong competitor, the sources added. The company is also reportedly weighing other smaller deals.

Earlier, Qualcomm named an independent director as its new chairman as it continues to fight Broadcom's offer. At the same time, Broadcom wrote to Congress in an effort to build support for its proposed acquisition of the U.S. chipmaker.