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Report: Broadcom keeps plan to move to US, ends Qualcomm bid

Broadcom Ltd. will continue its plan to re-domicile to the U.S. as it scraps its offer for QUALCOMM Inc., people familiar with the matter told Reuters. This comes after President Donald Trump issued an executive order dated March 12 to block the chipmaker's proposed acquisition on national security grounds.

Moving its base to the U.S. can cost Singapore-based Broadcom approximately $500 million annually under the higher tax rate, but will allow the company to acquire U.S. companies without falling under the jurisdiction of the Committee on Foreign Investment in the U.S., or CFIUS, the people said.

The CFIUS reviews the national security implications of foreign investments in U.S. companies or operations.

Broadcom will also withdraw its challenge to Qualcomm's board, the people told Reuters.