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    AAPL   US0378331005

APPLE INC.

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Broadcom offers to scrap exclusivity deals to end EU antitrust probe

04/27/2020 | 07:48am EST
FILE PHOTO: A sign to the campus offices of chip maker Broadcom Ltd, who announced on Monday an unsolicited bid to buy peer Qualcomm Inc for $103 billion, is shown in Irvine, California

U.S. chipmaker Broadcom has offered to scrap its exclusivity deals with TV and modem makers to end an EU antitrust investigation and stave off a possible hefty fine.

Broadcom, which makes chips to power smartphones, computers and networking equipment and is a major supplier to Apple, found itself in EU competition enforcers' crosshairs over its deals with six companies to buy chips exclusively or almost exclusively from it.

That triggered an investigation in June last year and an order to stop such deals until the end of the probe on whether such practices were aimed at squeezing out rivals.

EU regulators have warned that the use of an interim order, the first in almost two decades, could happen more frequently against tech giants due to fast-moving markets.

Broadcom has now pledged not to offer incentives to TV and modem makers to encourage them to acquire more than 50% of their chips and modems from the company for their worldwide or European production.

Competition enforcers typically frown on contentious practices such as tying rebates or other benefits to exclusive or minimum-purchase requirements because these tend to thwart smaller rivals.

Broadcom said its offer addressed the Commission's concerns and it expected the investigation to close before the end of the year.

"In these uncertain times, we welcome the opportunity to avoid protracted litigation and to resolve the investigation without recognition of liability or the imposition of a fine," the company said in a statement.

The European Commission said it would now seek feedback before deciding whether to accept the offer which would be valid for five years and without a finding of infringement by the company.

Broadcom defended itself at a closed door hearing in August last year where participants included Intel, MediaTek, Quantenna, a unit of ON Semiconductor and Humax.

It could face a fine of up to 10% of its global turnover if found guilty of breaching EU rules.

By Foo Yun Chee


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
APPLE INC. -3.17% 156.81 Delayed Quote.18.18%
BROADCOM INC. -2.17% 546.59 Delayed Quote.24.84%
HUMAX CO., LTD. -3.14% 4620 End-of-day quote.-19.51%
INTEL CORPORATION -1.97% 48.78 Delayed Quote.-0.12%
MEDIATEK INC. -2.90% 1005 End-of-day quote.34.54%
ON SEMICONDUCTOR CORPORATION -3.32% 60.3 Delayed Quote.84.23%
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Analyst Recommendations on APPLE INC.
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Financials (USD)
Sales 2022 379 B - -
Net income 2022 92 358 M - -
Net cash 2022 81 081 M - -
P/E ratio 2022 27,5x
Yield 2022 0,58%
Capitalization 2 573 B 2 573 B -
EV / Sales 2022 6,58x
EV / Sales 2023 6,27x
Nbr of Employees 154 000
Free-Float 99,9%
Chart APPLE INC.
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Apple Inc. Technical Analysis Chart | AAPL | US0378331005 | MarketScreener
Technical analysis trends APPLE INC.
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 44
Last Close Price 156,81 $
Average target price 167,15 $
Spread / Average Target 6,59%
EPS Revisions
Managers and Directors
Timothy Donald Cook Chief Executive Officer & Director
Luca Maestri Chief Financial Officer & Senior Vice President
Arthur D. Levinson Independent Chairman
Kevin M. Lynch Vice President-Technology
Jeffrey E. Williams Chief Operating Officer
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