Broadcom Drops Qualcomm Bid

Singapore-based chipmaker Broadcom Ltd. has abandoned its $117 billion bid for U.S. rival Qualcomm Inc. two days after President Donald Trump cited national security issues and blocked the sale.

Broadcom also is withdrawing its roster of six proposed directors for the Qualcomm board. The company says it will follow through on plans to relocate its headquarters to the U.S.

Both companies are leading developers of high-speed 5G wireless technology, an anticipated feature of next-generation connected cars.