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Broadcom withdraws offer to acquire Qualcomm

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Broadcom withdrew its $117 billion offer to buy chip maker Qualcomm.

The withdrawal came after President Donald Trump on Monday moved to block the purchase on national security grounds.

“Although we are disappointed with this outcome, Broadcom will comply with the order," Broadcom officials said, referencing the presidential order.

Officials said Broadcom still would focus on relocating to the United States.

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