Sweden’s Veoneer says will begin talks with Qualcomm over provide

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(Reuters) – Veoneer Inc mentioned on Sunday it could begin talks with chipmaker Qualcomm Inc after its provide for the Swedish auto elements maker final week topped a rival bid by Magna Worldwide Inc.

Qualcomm’s provide might “fairly be anticipated to end in a ‘Superior Proposal’, as outlined beneath the phrases of Veoneer’s merger settlement with Magna,” the board mentioned in a press release.

“On account of the Board’s willpower, Veoneer might beneath the phrases of the Merger Settlement interact in discussions with Qualcomm primarily based on the Qualcomm Proposal and Veoneer intends to take action.”

Qualcomm on Aug. 5, mentioned it had provided $4.6 billion to purchase Veoneer, an 18.4% premium to a July bid by Canada’s Magna that had already been accepted by Veoneer’s board.

Magna’s bid was value round $3.8 billion.

Magna couldn’t instantly be reached for a remark.

(Reporting by Vishal Vivek in Bengaluru; Wrinting by Vishal Vivek and Simon Johnson; Enhancing by Daniel Wallis)

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