Veoneer gains on report that Qualcomm purchase may not need Chinese approval

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• Veoneer (NYSE:VNE) ticked up 0.5% on a report that Qualcomm (NASDAQ:QCOM) and SSW Partners planned purchase of the company may not need Chinese antitrust approval.
• China's State Administration for Market Regulation ("SAMR") hasn't formally told Veoneer/Qualcomm if it needs to notify the agency, according to traders, who cited a report that's circulating around this morning. The companies may decide to close the deal and SAMR may not try to stop them.
• The transaction received U.S. antitrust approval in November when the HSR waiting period expired with no second request.
• Qualcomm (QCOM) and SSW Partners announced a definitive deal to acquire Veoneer (VNE) for $4.5B or $37/share in early October. Qualcomm outbid Magna International (NYSE:MGA) for Veoneer after Magna had originally agreed to buy the company.
• Last month, Veoneer reported Q4 GAAP EPS of -$0.77 misses by $0.04, revenue of $449M misses by $21.33M.

Comments

[joezapp]

No details on the report, or who put it out? Let's go ahead and close this, QCOM and SSW!

[bluescorpion0]

you think china is a friend when they support Russia ?

[dima_b]

@scorpionblue no one is a friend. Every country is looking out for its own interests first and any alliance is purely transactional. It has been like this for centuries.

[nicholas__t01]

@dima_b agreed... China is supporting russia in hopes the west will reduce energy imports that china can then purchase less expensively. China's only friend is china.

[MuddyEagle]

Nice to see some news (sort of) on this. Seems to be taking so long. The lack of being told that they have to notify SAMR should help speed this up...??? I sure hope so.

[Jeffrey888]

"Last month, Veoneer GAAP EPS of -$0.77 misses by $0.04, revenue of $449M misses by $21.33M."

For what, quarter, half year, or year? SA editors could tighten up their stenography.

[MuddyEagle]

@Jeffrey888 It was 4th Quarter. I've been debating whether to sell now (or earlier) or keep waiting for the proposed 37$ per share buy-out price.