Broadcom to Seek Increase of Common Stock

Irvine chip developer Broadcom Corp. plans to ask shareholders to double the number of authorized shares of Class A and Class B common stock, according to a document filed Friday with the Securities and Exchange Commission. Broadcom’s board said it believes the increases are needed for future stock splits, acquisitions and other purposes. The Class A shares would be increased to 800 million from 400 million while the Class B stock would be raised from to 400 million from 200 million shares. Shareholders will be asked to approve the increase at their annual meeting April 27. Currently, Broadcom said it has no specific plans or agreements to issue any of the proposed additional shares. The stock closed Friday at $217.56, up $4.75 a share, in Nasdaq trading.