£30bn chipmaker deal

QUALCOMM has increased its offer for a Dutch firm as it fights off a hostile takeover bid from an American rival.

The US firm, which makes technology used in most smartphones, yesterday offered $127.50 per share, or £30bn, for NXP Semiconductors, up from a previous bid of $110-a-share. Broadcom has offered £86bn for Qualcomm but its board insists the deal undervalues the company and would be too risky.

NXP owns the designs for chips used in Transport for London’s Oyster card and several other metro passes around the world. The deal will expand Qualcomm’s reach into other sectors.