Qualcomm shares spike on reports of planned Broadcom bid

November 3, 2017

NEW YORK (AP) — Shares of Qualcomm have spiked after reports from the Wall Street Journal and Bloomberg News that rival chipmaker Broadcom may be preparing a bid. Bloomberg says it could be for more than $100 billion.

Qualcomm declined to comment. Broadcom did not respond to questions.

The two companies are already involved in big deals from about a year ago. Regulators are still reviewing Qualcomm’s $38.1 billion proposed acquisition of NXP Semiconductors for $38.1 billion. Broadcom’s plan to move its home address to the U.S. from Singapore would free its $5.5 billion deal for U.S. network provider Brocade Communications Systems from a review by the Committee on Foreign Investment in the United States.

Stock of San Diego-based Qualcomm jumped 12.7 percent to close at $61.81. Broadcom added 5.5 percent to $273.63.

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