Tagged: Veoneer

Qualcomm tops Magna’s bid with $4.6 billion offer for Veoneer

A Qualcomm sign is shown outside one of the company’s many buildings in San Diego, California, U.S., September 17, 2020. REUTERS/Mike Blake

Aug 5 (Reuters) – Chipmaker Qualcomm Inc (QCOM.O) said on Thursday it had offered to buy Swedish auto parts maker Veoneer Inc (VNE.N) for $4.6 billion, an 18.4% premium to a bid in July by Canada’s Magna International Inc (MG.TO) that was accepted by Veoneer’s board.

U.S.-listed shares of Veoneer, spun off in 2018 from air bag and seatbelt maker Autoliv (ALV.N), rose 28% as the stage was set for a bidding war.

Veoneer said its board of

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Qualcomm proposes $4.6 billion acquisition of automotive tech firm Veoneer

Qualcomm Technologies has entered the bidding war for Swedish automotive technology company Veoneer. Following a $3.8 billion bid by Magna International to acquire Veoneer, Qualcomm announced Thursday that it’s willing to pay $4.6 billion, or $37 per share, to buy Veoneer to bolster its growth and diversification strategy.

Qualcomm said it continues to see traction in its automotive segment, with “a revenue-design win pipeline of approximately $10 billion”. In a letter to Veoneer’s board of directors, Qualcomm said that together, the companies could gain a foothold in the Advanced Driver Assistance Systems (ADAS) market.

“As the automotive industry continues to

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