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Broadcom to buy back up to $12 billion of shares

(Reuters) – Chipmaker Broadcom Inc said on Thursday it would buy back up to $12 billion of its common stock, sending its shares up 4.5 percent to $250 in extended trading.

FILE PHOTO: A sign to the campus offices of chip maker Broadcom Ltd is shown in Irvine, California, U.S., November 6, 2017. REUTERS/Mike Blake/File photo

The company, which last month ended its efforts to acquire rival Qualcomm Inc, said the repurchase program will begin effective immediately and could go on until the end of its fiscal year on Nov.3.

Broadcom moved back to the United States from Singapore earlier this month, following U.S. President Donald Trump’s decision to block its $117 billion offer to buy Qualcomm on national security concerns.

The San Jose, California based company has about 411 million outstanding shares and a market value of about $98.71 billion as of Thursday’s close.

Reporting by Uday Sampath in Bengaluru; Editing by Arun Koyyur

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