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

Mar. 01, 2022 10:13 AM ETVeoneer, Inc. (VNE), QCOMMGABy: Joshua Fineman, SA News Editor7 Comments

Veoneer Canada, Inc. in Markham, Ontario, Canada.

JHVEPhoto/iStock Editorial via Getty Images

  • 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.
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