September 13, 2018 / 10:11 AM / 12 days ago

CORRECTED-Qualcomm targets $16 bln in share buyback

(Corrects headline to remove reference to 'first phase')

Sept 13 (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.

Reporting by Akanksha Rana in Bengaluru; Editing by Arun Koyyur

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