Broadcom ends bid for Qualcomm

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(Reuters) – Singapore-based Broadcom Ltd on Wednesday withdrew its $117 billion bid to acquire Qualcomm Inc, two days after U.S. President Donald Trump blocked the attempt, citing national security concerns.

Broadcom Limited company logo is pictured on an office building in Rancho Bernardo, California May 12, 2016. REUTERS/Mike Blake

The company said it has also withdrawn its slate of independent director nominees for Qualcomm’s annual shareholder meeting.

Broadcom, however, expects to continue with its plan to redomicile to the United States.

Reporting by Supantha Mukherjee in Bengaluru; Editing by Arun Koyyur