Qualcomm launches bidding race for Veoneer

August 05, 2021 // By Christoph Hammerschmidt
Qualcomm launches bidding race for Veoneer
Only recently the automotive supplier Magna announced the intended takeover of its Swedish competitor Veoneer. Now the takeover is suddenly turning into a race for the best bid: chip designer Qualcomm wants to snatch up the Swedish bride.

Qualcomm announced on Thursday that it is offering $37 dollars for each Veoneer share. This adds $5.75 to Magna's original bid. The fabess chipmaker further said that the offer has already been approved by the board of directors and does not require shareholder approval. The move is in line with the company's strategy, it says. Veoneer's position is unclear: its management had already approved Magna's offer and recommended that shareholders accept the deal. However, this has not yet happened, and against the background of the changed situation it is unclear how the matter will turn out.

Qualcomm has been interested in the automotive sector for some time. In January, the company had unveiled a family of Snapdragon processors for use in vehicles, positioning them directly against offerings from top dogs like NXP and Renesas. Qualcomm had also been involved in the competition between the V2X radio technologies DSRC and C-V2X. C-V2X benefits more from the possibilities of cellular networks which happen to be Qualcomm's Home Turf. 

“As the automotive industry continues to transform, it is becoming increasingly important for automakers to have a partner who develops horizontal platforms that drive innovation and enable competition”, courts Qualcomm CEO Cristiano Amon the favor or Veoneer shareholders. “The proposed acquisition will bring together our industry-leading automotive solutions with Veoneer’s assisted driving assets to deliver a competitive and open ADAS platform to automakers and Tier 1 suppliers at scale.”

Related articles:

Qualcomm continues to expand positions in automotive electronics

Qualcomm puts its foot down in the V2X market

Scalable platform meets demand for high computing performance

Intel, Qualcomm are a good fit, say CEOs

Closer ties for Intel and Qualcomm

Connected vehicle sales recovering despite chip shortage


Vous êtes certain ?

Si vous désactivez les cookies, vous ne pouvez plus naviguer sur le site.

Vous allez être rediriger vers Google.