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Qualcomm defends its business model after Jana suggests breakup
Qualcomm defends its business model after Jana suggests breakup

Qualcomm Inc. defended its corporate structure Monday after an activist investor urged a revamp of the San Diego chip maker, including the possible spinoff of its chip business. Hedge fund Jana Partners, one of Qualcomm’s largest shareholders, wants the semiconductor and telecommunications firm to accelerate the buyback of stock, shave costs and consider breaking off the chip business from its patent-licensing arm. In a letter to its investors, Jana also called for Qualcomm to reduce the size of its board, select new directors and make changes to executive compensation that would align pay more closely with boosting value for shareholders. Jana recently invested more than $2 billion...

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