Royal Assets - VMware stock falls on new reports that an acquisition is in jeopardy

The shares of VMware (VMW) plummeted sharply on Thursday after a news source verified rumors that the Chinese government may reject Broadcom's (AVGO) acquisition of VMware.
NORTH BRIDGE ROAD, Singapore - Nov. 9, 2023 - PRLog -- According to the Financial Times, Chinese officials are contemplating delaying clearance of the $69 billion acquisition.

The agreement announced in May 2022 has yet to be approved by China's State Administration of Market Regulation. The delay is said to be in response to the US government's recent tightening of trade restrictions on advanced semiconductors and chip gear sales in China.

Broadcom continues to expect the VMware purchase to completion on October 30.

VMware shares fell 9.6% today to settle at 150.31 on the stock exchange. After concerns regarding China's impending move appeared on Tuesday, VMware shares fell 7.7% to 165.10. Broadcom's shares fell 2.2% to $867.83 on Thursday.

Broadcom and VMware are both technological leaders.

Broadcom, situated in San Jose, California, is a diversified technology business that provides semiconductors and infrastructure software solutions. VMware, situated in Palo Alto, California, provides cloud computing management and networking software.

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