Disqus
Nokia and Siemens announced today that the planned merger to create the new company Nokia Siemens Networks is expected to close in the first quarter 2007. In light of the current investigations of Siemens, the scope of which includes the carrier-related business to be transferred to the new company, Nokia and Siemens intend to adjust their agreements in order to have Siemens conduct an appropriate compliance review prior to closing of the transaction. This adjustment is an addition to the previously agreed closing conditions. Nokia will participate actively in the review.
Nokia Siemens Networks is now expected to start operations in the first quarter 2007, instead of January 2007 as previously expected. Closing will be subject to an agreement between Nokia and Siemens on the results and consequences of a Siemens compliance review. The review is expected to be performed during the first quarter 2007.
Nokia and Siemens have also agreed that the results of the compliance review will be used to develop a compliance program which will be implemented from the start of Nokia Siemens Networks operations.
Nokia and Siemens have made good progress towards the integration of Nokia Siemens Networks. The transaction has been given US and EU antitrust approvals, and the new company’s global mode of operation and organizational structure have been defined.
Source: Nokia PR
Ouch indeed. Although I think this is more for show than for anything else. Show the stock holders that yea we really do care about this issue, while internally they know they have to have a spotless image in the publics eye. Like I said before, I’m sure corporate bribery happens all over the place, these guys just happened to get caught. Oh well, better luck next time!
About The Author
Stefan Constantinescu
Stefan Constantinescu (@WhatTheBit on Twitter) has loved technology since as far back as he can remember. It started with computers, but in the past few years his passion has turned to mobile devices. As a mobile phone enthusiast who lives and breathes devices that connect to the internet, he knows he is not alone with this radical fascination of all things wireless. He is strongly opinionated and enjoys a good debate so leave comments in his posts and he’ll get back to you! Stefan began blogging as a hobby in the fall of 2006 and joined IntoMobile in the summer of 2007. Later he got a job at Nokia in March 2008, but as of June 2009 he has rejoined the IntoMobile team. He is currently based out of Helsinki, Finland.
