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4 December, 2014 - 14:46 By Tony Quested

CSR shareholders overwhelmingly back $2.5bn Qualcomm takeover

Joep-2013

Shareholders of Cambridge UK wireless technology business CSR have overwhelmingly voted in favour of a $2.5 billion takeover by US giant Qualcomm.

CSR said 98.61 per cent of shareholders voted at what is known as a court meeting. Of those, 95.18 per cent were for the acquisition – 98.62 per cent of the total shares voted.

All the relevant motions connected to the cash takeover were agreed at a general meeting.

It is now full speed ahead with the legal elements of the acquisition and Qualcomm said it hopes that everything will be done and dusted by the summer.

Qualcomm intends to build an even bigger presence around CSR than it already holds in Cambridge, where it has had operations for almost a decade.

It has confirmed that it is reviewing potential duplications within the united global business and that some reductions in headcount were inevitable along with the loss of some types of business regarded as non-core.

It is understood that CSR chief executive Joep van Beurden (pictured) will step aside when the takeover is complete next year.

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