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NEW YORK (AP) -- 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, which would be based in Finland and not traded separately, The Wall Street Journal reported Sunday on its Web site, citing people familiar with the deal.
Ownership of the new company would be split evenly between Nokia and Siemens, and would be headed by a Nokia executive, Simon Beresford-Wylie, according to the report.
The deal was expected to be announced on Monday.
The combination would allow both companies to reduce redundant research and development spending, with savings as high as 1.25 billion euros ($1.58 billion) annually, according to the report.
Siemens, based in Munich, Germany, is not expected to leave the telecommunications business but will play a smaller role than Nokia in the new operation, the report said.
U.S.-based spokeswomen for Nokia and Siemens did not immediately return a call for comment Sunday evening.
http://www.cnn.com/2006/BUSINESS/06/18/nokia.siemens.ap/index.html
HELSINKI/FRANKFURT (Reuters) -- Nokia and Siemens have agreed to combine their telecom equipment units in a deal creating one of the biggest players in the industry, the companies said on Monday.
They said the businesses to be combined in the 50-50 joint venture called Nokia Siemens Networks had sales of 15.8 billion euros ($20 billion) last year.
German industrial conglomerate Siemens declined to comment on financial details of the deal, which the Wall Street Journal has reported is worth $31.6 billion.
The deal will put the new company in the same league as current industry leader Cisco Systems and the new merged Alcatel-Lucent in terms of sales, and offer savings as they take on fierce competition.
The two companies said they expected cost synergies of 1.5 billion euros annually by 2010 from the combination of Nokia's networks division and the Siemens carrier business in fixed and mobile networks.
"We believe the partnership with Siemens is the most effective way to build the scale and broad product portfolio necessary to compete globally," Nokia Chief Executive Olli-Pekka Kallasvuo said in a statement.
Nokia Siemens Networks will have its headquarters in Nokia's home country of Finland and be headed by Simon Beresford-Wylie, currently in charge of Nokia's networks division. It will also have a regional headquarters in Siemens' home city of Munich.
The tie-up of Alcatel and Lucent announced in April sparked talk of more possible mergers and partnerships between infrastructure gear makers, who have come under increasing pressure from Asian rivals like Huawei.
"The merger gives Nokia and Siemens scale they couldn't get otherwise. You're going to be able to get rid of a lot of people, basically. They share common markets," said analyst Ed Snyder of Charter Equity Research.
Staff cuts expected
Nokia and Siemens said they expected to cut 10 to 15 percent of the combined businesses' 60,000 staff over the next four years.
Analyst Snyder added, however: "I think it makes a lot of sense from the cost side of the equation, but I don't think its going to help their growth profile at all."
Analysts and media have linked Nokia to the Siemens communications business or parts of it for months.
Germany's Manager Magazine reported in February that Siemens had been in talks to sell its telecoms equipment unit Com to Nokia or to form a joint venture, but talks failed as Nokia was only interested in Siemens' profitable mobile networks equipment arm and not the loss-making fixed-line networks business.
Nokia has shied away from major deals in the past despite its sizeable cash reserves, which stood at 9 billion euros at the end of March.
Nokia's management has said repeatedly it aims to make more acquisitions in the future and it plans to be a buyer in the consolidation of the infrastructure sector.
The two companies will hold a news conference at 0900 GMT and a conference call for analysts at 1300 GMT.
http://www.cnn.com/2006/BUSINESS/06/19/nokia.siemens.reut/index.html
و همینک آغاز همکاری نوکیا و زیمنس
Nokia would control a majority of board seats of the new company, which would be based in Finland and not traded separately, The Wall Street Journal reported Sunday on its Web site, citing people familiar with the deal.
Ownership of the new company would be split evenly between Nokia and Siemens, and would be headed by a Nokia executive, Simon Beresford-Wylie, according to the report.
The deal was expected to be announced on Monday.
The combination would allow both companies to reduce redundant research and development spending, with savings as high as 1.25 billion euros ($1.58 billion) annually, according to the report.
Siemens, based in Munich, Germany, is not expected to leave the telecommunications business but will play a smaller role than Nokia in the new operation, the report said.
U.S.-based spokeswomen for Nokia and Siemens did not immediately return a call for comment Sunday evening.
http://www.cnn.com/2006/BUSINESS/06/18/nokia.siemens.ap/index.html
HELSINKI/FRANKFURT (Reuters) -- Nokia and Siemens have agreed to combine their telecom equipment units in a deal creating one of the biggest players in the industry, the companies said on Monday.
They said the businesses to be combined in the 50-50 joint venture called Nokia Siemens Networks had sales of 15.8 billion euros ($20 billion) last year.
German industrial conglomerate Siemens declined to comment on financial details of the deal, which the Wall Street Journal has reported is worth $31.6 billion.
The deal will put the new company in the same league as current industry leader Cisco Systems and the new merged Alcatel-Lucent in terms of sales, and offer savings as they take on fierce competition.
The two companies said they expected cost synergies of 1.5 billion euros annually by 2010 from the combination of Nokia's networks division and the Siemens carrier business in fixed and mobile networks.
"We believe the partnership with Siemens is the most effective way to build the scale and broad product portfolio necessary to compete globally," Nokia Chief Executive Olli-Pekka Kallasvuo said in a statement.
Nokia Siemens Networks will have its headquarters in Nokia's home country of Finland and be headed by Simon Beresford-Wylie, currently in charge of Nokia's networks division. It will also have a regional headquarters in Siemens' home city of Munich.
The tie-up of Alcatel and Lucent announced in April sparked talk of more possible mergers and partnerships between infrastructure gear makers, who have come under increasing pressure from Asian rivals like Huawei.
"The merger gives Nokia and Siemens scale they couldn't get otherwise. You're going to be able to get rid of a lot of people, basically. They share common markets," said analyst Ed Snyder of Charter Equity Research.
Staff cuts expected
Nokia and Siemens said they expected to cut 10 to 15 percent of the combined businesses' 60,000 staff over the next four years.
Analyst Snyder added, however: "I think it makes a lot of sense from the cost side of the equation, but I don't think its going to help their growth profile at all."
Analysts and media have linked Nokia to the Siemens communications business or parts of it for months.
Germany's Manager Magazine reported in February that Siemens had been in talks to sell its telecoms equipment unit Com to Nokia or to form a joint venture, but talks failed as Nokia was only interested in Siemens' profitable mobile networks equipment arm and not the loss-making fixed-line networks business.
Nokia has shied away from major deals in the past despite its sizeable cash reserves, which stood at 9 billion euros at the end of March.
Nokia's management has said repeatedly it aims to make more acquisitions in the future and it plans to be a buyer in the consolidation of the infrastructure sector.
The two companies will hold a news conference at 0900 GMT and a conference call for analysts at 1300 GMT.
http://www.cnn.com/2006/BUSINESS/06/19/nokia.siemens.reut/index.html
و همینک آغاز همکاری نوکیا و زیمنس
