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STOCKHOLM: Swedish automotive know-how group Veoneer reported on Tuesday a narrower third-quarter loss amid a world chip scarcity and mentioned it might not present an outlook because it targeted on its looming merger.
Chipmaker Qualcomm Inc and SSW Companions mentioned this month they’d reached an settlement to purchase Veoneer for $4.5 billion.
The maker of imaginative and prescient techniques, radars and software program for superior driver-assistance techniques (ADAS) was hit arduous by the outbreak of the pandemic. Demand has since broadly recovered, whereas the auto business is dealing with a scarcity of digital elements.
Veoneer, which competes with the likes of Aptiv, Bosch, Continental and Mobileye, mentioned underlying demand for its merchandise remained very sturdy, whereas semiconductor shortages and provide chain constraints continued to hamper development.
“We’re managing this case each day, and are doing our utmost to assist our prospects by means of this tough state of affairs,” Veoneer Chief Govt and Chairman Jan Carlson mentioned in a press release.
Veoneer made an working lack of $89 million versus a lack of $103 million within the year-ago quarter.
Qualcomm in August provided to purchase the Sweden-based agency at an 18.4% premium to a July bid price round $3.8 billion by Magna that had already been accepted by Veoneer’s board.
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Veoneer mentioned in a press release on Monday that Qualcomm and SWW Companions would purchase it for $37.00 per share in an all-cash transaction, representing a complete fairness worth for Veoneer of $4.5 billion.
Minister of State for Electronics and IT Rajeev Chandrasekhar final week had mentioned that the federal government would host a convention of semiconductor corporations in November to debate India’s coverage roadmap within the phase.
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