Nokia and Siemens in the News
This is big news. Really big. I'm sure more will follow.
SAN FRANCISCO (MarketWatch) -- Nokia Corp. and Siemens AG are expected to announce Monday that they are combining their phone equipment units in a deal valued at $31.5 billion, according to a media report Sunday.
The combined entity, which would not be traded publicly, would be based in Nokia's (NOK : 19.97, -0.43, -2.1% ) home country of Finland, The Wall Street Journal reported in its online edition, citing unnamed people familiar with the matter. See Wall Street Journal story (subscription required).
Siemens (SI79.80, -0.84, -1.0% ) would hold a minority of board seats, although the company, yet to be named, would be owned on a 50-50 basis, The Journal said.
Nokia, the world's dominant manufacturer of cell-phone hand sets, previously has refrained from the mergers and consolidations sweeping the industry.
By combining their equipment businesses, Siemens and Nokia hope to mount a more robust defense against the Asian threat to their global market share, The Journal said.
Technorati Tags: Siemens, Nokia
Technorati Tags: Siemens, Nokia
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