CSR to return Samsung cash to investors

 
City A.M. Reporter
SHAREHOLDERS in British chipmaker CSR will get a special payout before the end of the year after the completion of the sale of its handset technology to South Korean electronics leader Samsung.

Details of the $285m (£178.5m) tender offer to shareholders will be announced during the fourth quarter, the company said yesterday.

The group booked an operating profit of $32.2m in the third quarter, up from $24.3m in the same period last year.

It recently refocused on Bluetooth and GPS platforms in areas like music and automotive with the $310m sale of its mobile division to Korea’s Samsung Electronics, which took a 4.9 per cent stake in CSR.

Chief executive Joep van Beurden said CSR’s chips were selling strongly into music products, such as stereo headsets, and to automakers for GPS navigation and audio entertainment.

Its low-energy bluetooth chips were also in Nike+ trainers, he said.

The group said that it expected revenues for the three months to the end of December to be between $235m and $255m.