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Qualcomm targets $16 billion in share buyback

FILE PHOTO: FILE PHOTO: A booth of U.S. chipmaker Qualcomm is pictured at an expo in Beijing, China, September 27, 2017. Picture taken September 27, 2017. REUTERS/Stringer ATTENTION EDITORS - THIS IMAGE WAS PROVIDED BY A THIRD PARTY. CHINA OUT./File Photo/File Photo

(Reuters) - U.S. chipmaker Qualcomm Inc said on Thursday it would buy back about $16 billion of its common stock as part of the previously announced $30 billion stock repurchase plan.

Qualcomm is seeking to compensate investors for the collapse of its $44 billon acquisition of NXP Semiconductors in July due to Chinese opposition.

(This version of the story corrects headline to remove reference to ‘first phase’)

Reporting by Akanksha Rana in Bengaluru; Editing by Arun Koyyur

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