The agreement for Magna International to buy the Swedish automotive technology company “remains in full force and effect.” But Veoneer’s board has determined it could enter talks with the chipmaker based on its potentially “superior” proposal. (The Logic)
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The agreement for Magna International to buy the Swedish automotive technology company “remains in full force and effect.” But Veoneer’s board has determined it could enter talks with the chipmaker based on its potentially “superior” proposal. (The Logic)
Talking point: If Qualcomm wins the battle for Veoneer, it could torpedo Magna’s ascent as what CIBC analysts dubbed a top-five driver-assistance technology company. Ontario-based Magna was hoping that with its acquisition, Veoneer’s safety-focused technology would put it near the top of the market for camera and radar-technology, and connect it with new clients in Asia. Losing the deal would instead beef up a competitor. Magna declined to comment to The Logic on Veoneer’s talks with Qualcomm, but confirmed its agreement with Veoneer remains in effect. CEO Swamy Kotagiri said on an earnings call last week that Magna would “be disciplined” and was “committed to earning appropriate returns” on Veoneer.
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