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Broadcom withdraws Qualcomm offer, keeps plan to redomicile to US

Broadcom Ltd. has withdrawn its offer to acquire QUALCOMM Inc. after U.S. President Donald Trump issued an executive order to block the deal on national security grounds, confirming an earlier report.

"Although we are disappointed with this outcome, Broadcom will comply with the Order," the company said in a statement. "Broadcom will continue to move forward with its redomiciliation process and will hold its Special Meeting of Stockholders as planned on March 23, 2018."

The Singapore-based chipmaker also withdrew its independent director nominees for Qualcomm's 2018 annual meeting of shareholders.