Broadcom CEO Prepares To Allay Concerns Of EU Regulators Over VMware Deal

On Friday, U.S. chipmaker Broadcom Inc's AVGO CEO Hock Tan proposes to pitch EU antitrust enforcers regarding the pro-competitiveness of his proposed $61 billion bid for cloud computing firm VMware Inc VMW.
Tan arrived early Friday morning in Brussels for a closed hearing on one of the most significant tie-ups, Reuters reports.
Tan will present his arguments to senior European Commission officials, including its deputy director general for mergers Guillaume Loriot, and their counterparts from national competition agencies and lawyers from the EU executive.
VMware President Sumit Dhawan will appear remotely at the hearing.
Broadcom's request for the hearing came after the Commission in April warned that the deal may restrict competition in the market for specific hardware components.
Broadcom will likely offer remedies in the coming days after the oral hearing.
The EU will extend the deadline for a decision is June 21, pending the submission of concessions.
Price Action: AVGO shares traded higher by 0.39% at $612.57 in the premarket on the last check Friday.