Siemens, Nokia joint venture to start on April 1

[viru]

Siemens, Nokia joint venture to start on April 1

Wed Mar 14, 2007 7:13 PM
FRANKFURT, March 14 (Reuters) - Finnish handset maker Nokia (NOK1V.HE: Quote, Profile , Research) and German conglomerate Siemens (SIEGn.DE: Quote, Profile , Research) will start operations of their telecoms-network joint venture on April 1, they both said on Wednesday.

The 50-50 joint venture, which will be the world's second-biggest mobile-networks company and the third-biggest in fixed-line infrastructure, had been due to begin at the start of 2007 but was delayed by a corruption investigation at Siemens.

The companies said they had agreed to increase their respective net asset contributions to Nokia Siemens Networks, with Siemens contributing 2.4 billion euros ($3.17 billion) and Nokia 1.7 billion euros.

"In taking this step, we are dramatically strengthening our market position and creating sustainable value," Siemens Chief Executive Klaus Kleinfeld said in a statement.

The designated head of Nokia Siemens Networks, Simon Beresford-Wylie, told Reuters last month that Nokia and Siemens had already won joint orders in markets where competition authorities have approved the merger.

Original article can be found on reuters press agency website

[baraka42]

thanks viru,

for update info.

[Jimmy]

Very good news,thank's Viru.