Broadcom Sets Buyback

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Broadcom Corp. said Thursday that its board of directors has approved a stock-buyback plan.

The chip-maker said it will repurchase up to $250 million of class-A common shares from time to time over a period of one year.

Broadcom added that the repurchases will be made in open-market or privately negotiated transactions in compliance with the Securities and Exchange Commission's Rule 10b-18, subject to market conditions, applicable legal requirements and other factors.

The plan does not obligate the company to acquire any particular amount of common stock, and it may be suspended at any time at Broadcom's discretion.