VMware (VMW) stock fell hard on Thursday after a news report confirmed chatter that the Chinese government might block Broadcom‘s (AVGO) acquisition of VMware.
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The Financial Times reported Thursday that Chinese regulators are considering whether to delay approval of the $69 billion deal.
China’s State Administration of Market Regulation has not signed off on the deal announced in May 2022. The delay is seen as a response to the U.S. government’s recent tightening of trade restrictions on sales of advanced semiconductors and chip gear in China.
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Broadcom says it still expects to close the VMware acquisition on Oct. 30.
In afternoon trading on the stock market today, VMware stock plunged 8.4% to 152.25. On Tuesday, VMware stock dropped 7.7% to 165.10 after rumors surfaced about China’s potential move.
Meanwhile, Broadcom stock sank 0.3% to 884.21 on Thursday.
Broadcom, VMware Stock Both Tech Leaders
San Jose, Calif.-based Broadcom is an diversified technology company that sells semiconductors and infrastructure software solutions. Palo Alto, Calif.-based VMware provides cloud computing management and networking software.
VMware stock and Broadcom stock are both on the IBD Tech Leaders list.
Follow Patrick Seitz on X, formerly Twitter, at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
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