|Nokia Siemens Networks startup date extended|
Posted: 15-Dec-2006 [Source: Nokia]
[Siemens corruption scandal has affected the creation of Nokia Siemens Networks. Siemens is to conduct a compliance review prior to closing the transaction extending the closing date to later in the first quarter of 2007. ]
Espoo, Finland and Munich, Germany -- 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.
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