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ARM Holdings, one of the UK's biggest technology companies, is set to announce it is being bought by Japan's Softbank for £24bn ($32bn).

The board of ARM is expected to recommend shareholders accept the offer - close to a 50% premium on its closing market value of £16.8bn on Friday.

The Cambridge-based firm is arguably the most precious jewel in the crown of British technology.

Its microchip designs are in an array of devices including Apple's iPhone.

Sources close to the deal say the Japanese company considered ARM well placed to exploit the "internet of things" - the embedding of microchips in whole new categories of household and business devices.

The proposed takeover of ARM poses a dilemma for the new government. Along with high executive pay, Prime Minister Theresa May has put foreign takeovers on her radar of business dealings that may be bad for the national interest.

However, the government will be keen to show that the recent Brexit vote has not deterred foreign investment.

The BBC understands that Softbank will commit to doubling the size of ARM's UK workforce over the next five years. Barring government intervention, the final decision will be made by shareholders.

ARM, which was founded in 1990, employs more than 3,000 people.

Much of its success came under Warren East, who was chief executive of ARM from 2001 until 2013. He was made CBE in the 2014 New Year Honours list for services to engineering and technology.

Mr East became chief executive of Rolls-Royce, the engineering giant that makes aircraft engines, in July last year.

Sir John Buchanan, then ARM chairman, said in 2013 that Mr East had "transformed" the firm during his time as chief executive.

Softbank is one of the world's biggest technology companies and is run by its founder, Japanese entrepreneur Masayoshi Son.

It has previously acquired Vodafone's Japanese operations and the US telecoms company Sprint. The $20bn deal was the biggest foreign acquisition by a Japanese firm at the time.

Shares in Softbank have fallen 15% in the past 12 months.

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ARM Holdings, one of the UK's biggest technology companies, is set to announce it is being bought by Japan's Softbank for £24bn ($32bn). The board of ARM is expected to recommend shareholders accept the offer - close to a 50% premium on its closing market value of £16.8bn on Friday.

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Vodafone has agreed to buy Spanish cable operator Ono for 7.2bn euros ($10bn; £6bn), in deal aimed at expanding its interests in Europe.

Ono, which is private equity-owned, offers cable TV and internet services and has 1.9 million customers in Spain.

Vodafone boss Vittorio Colao said the deal was "an attractive value creation opportunity".

The deal comes just six months after Vodafone bought a controlling stake in German cable operator Kabel.

Vodafone has said it plans to spend up to £25bn of the £84bn it generated from the sale of its stake in Verizon Wireless on investment in its core European networks.

Before the Vodafone deal, Ono's private equity owners had been planning to float the company on the Madrid stock exchange.

Jose Maria Castellano Rios, chairman of Ono's board of directors, said the enlarged business would help to "drive innovation in the Spanish telecommunications industry".

Peregrine & Black analyst Markus Huber said the deal would put Vodafone in a better position to compete with rivals such as Telefonica and Orange.

"It follows the strategy they are already pursuing in Germany and in Europe in general, which is to expand their overall offer to their clients by adding cable service to their wireless services," he added.

Mike McCudden, head of derivatives at online broker Interactive Investor, agreed the purchase was a "shrewd strategic move" for Vodafone, noting that the deal would provide it with the fixed-line operation it currently lacked in Spain.

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Vodafone has agreed to buy Spanish cable operator Ono for 7.2bn euros ($10bn; £6bn), in deal aimed at expanding its interests in Europe. Ono, which is private equity-owned, offers cable TV and internet services and has 1.9 million customers in Spain. Vodafone boss Vittorio Colao said the deal was "an attractive value creation opportunity".

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A £350m project producing offshore wind turbine blades in Hull is on course to start work two months earlier than planned.

Finbar Dowling, director of the Siemens factory, said it was planning to open the "massive piece of civil and marine engineering" on 1 September 2016.

He said work at Hull's Alexandra Dock was "ahead of schedule".

It could eventually create up to 1,000 jobs with 200 working in construction of the site, he said.

The building work started in January.

The 10 acre (40,000 sq m) blade factory is part of a 133 acre (540,000 sq m) development that includes manufacturing, assembly and servicing factories.

The facility will build 250ft-long (75m) rotor blades designed for 6MW turbines.

Production on the first batch of turbines for an offshore wind farm off the Norfolk coast is scheduled to start early 2017.

Siemens is investing £160m in Green Port Hull at the city's Alexandra Dock. Associated British Ports (ABP), which owns and operates the dock, is investing £150m.

Green Port Hull was first announced in January 2011 and was granted planning permission in May 2012.

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A £350m project producing offshore wind turbine blades in Hull is on course to start work two months earlier than planned. Finbar Dowling, director of the Siemens factory, said it was planning to open the "massive piece of civil and marine engineering" on 1 September 2016.