FILE PHOTO: 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
August 5, 2021
(Reuters) -Chipmaker Qualcomm Inc said on Thursday it had offered to acquire Swedish auto parts maker Veoneer Inc for $4.6 billion, trumping an earlier bid by Canadian rival Magna International Inc.
Qualcomm hopes to grow its automotive chips business by creating open and competitive platforms for automakers along with Veoneer.
Magna had offered to buy rival Veoneer in July for about $3.8 billion in cash, looking to boost its efforts on building driver assistance tech geared toward autonomous vehicles.
U.S.-listed shares of Veoneer, which makes advanced driver assistance systems that add features ranging from collision warning to parking assist, rose 21.7% in premarket trading.
Veoneer’s systems also collect data from cameras and radar to monitor surroundings, interpret the situation and take action.
Magna International did not immediately respond to a Reuters request for comment.
(Reporting by Chavi Mehta in Bengaluru; Editing by Krishna Chandra Eluri and Vinay Dwivedi)
Source: One America News Network
