|Nokia, Siemens in Telecom Merger|
|Associated Press News Wire (email@example.com)|
Sun, 18 Jun 2006 22:09:12 -0500
European telecom makers Nokia Corp. and Siemens AG have agreed to|
combine their telephone equipment units in a deal valued at roughly 25
billion euros ($31.6 billion), according to a newspaper report.
Nokia would control a majority of board seats of the new company,
Ownership of the new company would be split evenly between Nokia and
The deal was expected to be announced on Monday.
The combination would allow both companies to reduce redundant
Siemens, based in Munich, Germany, is not expected to leave the
U.S.-based spokeswomen for Nokia and Siemens did not immediately
Copyright 2006 The Associated Press.
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