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Bribery probe threatens Siemens/Nokia telecoms merger

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Bribery probe threatens Siemens/Nokia telecoms merger

$555 million bribery scandal at German conglomerate Siemens is threatening its agreement with Nokia to combine their fixed and mobile network infrastructure businesses in a 50-50 joint venture, a deal both companies regard as crucial to react to the consolidation of the industry and the rise of low-cost competitors from China.

In a joint statement, the companies said that Nokia Siemens Networks was now expected to start operations in the first quarter 2007, instead of January 2007 as previously expected.

Read the complete story here. (CBR)

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