Qualcomm (QCOM) Attracts Activist Investor

(Updated - April 13, 2015 8:06 AM EDT)

Activist hedge fund JANA Partners has built a more than $2 billion share stake in Qualcomm (NASDAQ: QCOM) and is pushing the company to spin-off its chip unit from its patent-licensing unit, the WSJ reported late Sunday.

This is a move Qualcomm itself proposed 15 years ago before the plan was terminated.

JANA Partners is also looking for cost cuts, an accelerated share repurchase plan, changes to executive-pay, financial reporting and the board of Directors.

Qualcomm and JANA held "constructive" talks late last year, according to a person familiar with the conversations. Meanwhile, a Qualcomm company spokesperson told the Journal, "Qualcomm welcomes input from our investors and has a track record of active engagement with stockholders." It was added, "The board and management team will continue to consider actions that are in the best interests of all stockholders."

UPDATE - JANA filed an amended 13F on Monday morning. The firm disclosed holding 4,400,705 Qualcomm shares at the end of 2014. The document is embedded below:

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