UPDATE: Nokia Siemens: China Has Approved Motorola Assets Acquisition
21 Aprile 2011 - 10:36AM
Dow Jones News
Chinese regulators have approved Nokia Siemens Networks' planned
acquisition of most of Motorola Solutions Inc.'s (MSI) network
equipment assets, a spokeswoman for Nokia Siemens said
Thursday.
Nokia Siemens Networks, the joint venture between Finland's
Nokia Corp. (NOK) and Germany's Siemens (SI) agreed to buy the bulk
of Motorola's network equipment business for $1.2 billion in July
last year, but the deal has been awaiting approval from China'
Ministry of Commerce, which has the authority to review foreign
mergers on anti-trust grounds.
The deal had been held up by objections from Chinese telecom
equipment vendor Huawei Technologies Co., but Huawei dropped its
objections as part of a sweeping settlement between the two
companies last week to drop suits filed against each other over
intellectual property issues.
Privately held Huawei took legal action in January to delay the
Nokia Siemens deal, arguing that Motorola has sold Huawei-branded
gear in the past, and that its intellectual property could
therefore be transferred to rival Nokia Siemens through the planned
acquisition.
Under last week's settlement, Huawei agreed to drop its
objections to the Nokia deal in exchange for a one-time fee for use
of its technology.
Motorola, meanwhile, agreed to drop its claims that Huawei had
stolen its intellectual property via an elaborate scheme involving
former Motorola employees and a front company.
The deal has now received all the regulatory approvals that it
requires, Nokia Siemens spokeswoman Riita Mard said Thursday,
adding that the company aims to close the deal by April 29.
Spokespeople for the Ministry of Commerce weren't immediately
available for comment.
-By Owen Fletcher and Aaron Back, Dow Jones Newswires; (8610)
8400-7702; owen.fletcher@dowjones.com
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