VMWare Down After FT Reports China Holding Up Broadcom Buyout
19 Octobre 2023 - 2:06PM
Dow Jones News
By Rob Curran
Shares of VMWare slid premarket after the Financial Times
reported that authorities in China were holding up chipmaker
Broadcom's multibillion dollar buyout of the maker of
virtualization software in the latest salvo of the U.S.-China tech
battle.
The State Administration of Market Regulation in Beijing is
delaying approval of the merger deal struck in May 2022, largely in
response to the Biden administration's crackdown on exchanging U.S.
semiconductor technology with China, the FT reported, citing three
people familiar with the matter. The cash-and-stock deal was
originally valued at around $61 billion. Approvals for
merger-and-acquisitions among U.S. companies active in China are
now subject to scrutiny from the more political Foreign Affairs and
State Council ministries, the British financial newspaper
reported.
Shares of VMWare fell 7% to $154.55 premarket. Broadcom rose
0.5% to $891.32.
Write to Rob Curran at rob.curran@wsj.com
(END) Dow Jones Newswires
October 19, 2023 07:51 ET (11:51 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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