Automotive industry Swedish company became a billionaire target: chip maker Qualcomm made a competitive bid for auto parts company Veoneer

The Canadian competitor Magna is also seeking systems to assist the Swedish company’s driver.

From the Swedish car parts maker Veoneer has sparked a buying race when U.S.-based Qualcomm said on Thursday it would make a takeover bid for the Swedish company.

The chip manufacturer offers about US $ 4.6 billion (about US $ 3.9 billion) from Veoneer. That’s about 18 percent more than Canadian Magna International’s competing bid, according to Qualcomm.

Magna made about $ 3.8 billion in cash offer to Veoneer, a competitor, in July.

Qualcomm says it would like to grow its vehicle semiconductor business with the Veoneer acquisition. The aim is to create open platforms with Veoneer for driver assistance systems for car manufacturers.

Veoneer specializes in vehicle collision warning and parking assistance systems and other driver assistance systems.

Magna is also interested in Veoneer because it would like to increase its investment in these driver assistance systems.

Qualcomm is known as a semiconductor manufacturer for mobile phones, but has been supplying semiconductors to automakers for years. Last year, the company launched a separate driver assistance systems business.

Veoneer’s share is listed on both the Stockholm and New York stock exchanges. The company’s share moved in the evening during the Finnish period, rising by about 23 percent in both marketplaces.

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