Veoneer initiates talks with Qualcomm after bidding

Charlie Taylor

Veoneer begins talks with Qualcomm after the American technology giant bid for the car safety company on Thursday. Veoneer's board believes that Qualcomm's bid could lead to a "more favorable agreement" than the previous agreement with Magna International. It appears from a press release.

Updated: 8 August 2022, 17:06Published: 8 August 2022, 16:56That was during Thursday as American Qualcomm placed a competitive bid, worth $ 37 per share, for the car safety company Veoneer

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Today's development
. The offer was 18 percent higher than the $ 31.25 per share previously offered by Canadian Magna. Veoneer now intends to enter into talks with Qualcomm, after the board assesses that the offer may lead to a "more favorable agreement" than the agreement with Magna. However, the previous agreement with Magna remains binding, but can be terminated before the shareholders' approval of the acquisition. Veoneer can then enter into a new agreement based on a competing proposal. Handelsbanken's vehicle analyst Hampus Engellau told Di earlier this week that he considers Qualcoom to be the better buyer for Veoneer. strong market channel for Veoneer. It provides an incredible exchange for the company's product portfolio, ”he said. Even the largest owner AMF and the pension fund's owner responsible Anders Oscarsson think that Qualcomm's bid was more fair than the previous one from Magna. "Qualcomm is a stronger counterpart, they have bigger muscles to continue developing Veoneer's technology. In this way, I still think it will be good for the employees if Qualcomm's bid goes through ", he told Di on Thursday. The text is updated. Frida Westergård


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