Tag Archives: Germany

NOKIA TO FULLY ACQUIRE SIEMENS’ STAKE IN NOKIA SIEMENS NETWORKS


“Espoo, Finland and Munich, Germany – Nokia Corporation and Siemens AG todayannounced that they have entered into a definitive agreement pursuant to which Nokia acquires Siemens’ entire 50% stake in their joint venture, Nokia Siemens Networks. The acquisition has been approved by the Board of Directors of Nokia as well as the Managing andSupervisory Boards of Siemens, and is subject to the customary regulatory approval process.

ImageThe purchase price for Siemens’ stake is EUR 1.7 billion and the transaction is expected to close during the third calendar quarter of 2013. Upon closing of the planned acquisition, NokiaSiemens Networks will become a wholly owned subsidiary of Nokia.

Stephen Elop, President and CEO of Nokia, commented: “With its clear strategic focus and strong leadership team, Nokia Siemens Networks has structurally improved its operational and financial performance. Furthermore, Nokia Siemens Networks has established a clear leadership position in LTE, which provides an attractive growth opportunity. Nokia is pleased with these developments and looks forward to continue supporting these efforts to create more shareholder value for the Nokia group.”

Joe Kaeser, Siemens CFO, commented: “With this transaction, we continue our efforts to strengthen our focus on Siemens’ Core areas of Energy management, Industry and Infrastructure as well as Healthcare.  The full acquisition of Nokia Siemens Networks by Nokia offers an attractive opportunity to actively shape the telecom equipment market for the future and create sustainable value.”

Nokia Siemens Networks was established on April 1, 2007, as a joint venture combining Nokia’s Networks Business Group and Siemens’ carrier-related operations for fixed and mobile networks. Nokia Siemens Networks has since become a leading global provider of telecommunications infrastructure, deploying networks that help people stay connected in more than 150 countries around the world. The company’s focus is in offering innovative mobilebroadband technology and services.

Nokia will continue to consolidate Nokia Siemens Networks for financial reporting purposes as well as continue to strengthen the company as a more independent entity.

Accordingly, Nokia plans to retain the existing management and governance structure at NokiaSiemens Networks, with Rajeev Suri continuing as CEO and Jesper Ovesen continuing as Executive Chairman of the Nokia Siemens Networks Board of Directors, which will adjust to the changing ownership structure.

Nokia Siemens Networks’ operational headquarters will remain in Espoo, Finland, and the company will continue to have a strong regional presence in Germany, including its major hub in Munich. Nokia supports the current management plan, including the already in-progress Nokia Siemens Networks restructuring plan that remains unchanged as a result of thisannouncement.

In accordance with this transaction, the Siemens name will be phased out from Nokia Siemens Networks’ company name and branding. Nokia and Nokia Siemens Networks plan to confirm the new name and brand at the closing of the transaction.

The purchase price totals EUR 1.7 billion, of which EUR 1.2 billion will be paid in cash at the closing of the transaction. The balance of EUR 0.5 billion will be paid in the form of a secured loan from Siemens due one year from closing. Nokia has obtained committed bank financing for the EUR 1.2 billion cash portion.

At the end of the first quarter 2013, Nokia had gross cash of EUR 10.1 billion and net cash of EUR 4.5 billion. Nokia currently estimates that at the end of the second quarter 2013, Nokia had gross cash of between EUR 9.2 billion – EUR 9.7 billion and net cash of between EUR 3.7 billion – EUR 4.2 billion. For comparison purposes, if the transaction to purchase Siemens’ 50% stake had been closed during the second quarter 2013, Nokia currently estimates that it would have ended the second quarter of 2013 with gross cash of between EUR 9.2 billion – EUR 9.7 billion and net cash of between EUR 2.0 billion – EUR 2.5 billion, reflecting the deduction of the purchase price of EUR 1.7 billion from Nokia net cash.”

[Nokia Press]

 

Watch Madonna’s ‘Gangnam Style’ Moves With PSY in NYC


Concert de Madonna à Paris Bercy, Août 2006
Concert de Madonna à Paris Bercy, Août 2006 (Photo credit: johanlb)

 

 

on Tuesday night during her second show this week at Madison Square Garden. They danced to his pop culture anthem “Gangnam Style” and to her jam “Music” in front of nearly 20,000.

 

RELATED: PSY to Perform at American Music Awards

 

Madonna said PSY flew “all the way from Frankfurt, Germany this morning.” She also said she was a big fan of the rapper and loved his suit, which was bright red.

 

He added that he’s had a lot of experiences in the last few months, and that performing at MSG with Madonna topped his list.

 

Madonna also collected money for those affected by Superstorm Sandy. Fans threw money onstage while she sang “Like a Virgin.” She said she collected $3,000 at Monday’s show.

 

Nokia may price Lumia 920 at Rs 42,000 in India


 

At the Nokia World 2012 event held a few days ago, Nokia revealed everything about the new Lumia handsets except their launch dates and prices. Rumours indicated earlier that Nokia would launch the Lumia 920 in global markets by November. As per a recent report, this handset will be priced at Euro 600 ($758), which translates to approximately Rs 42,000.

The author of WMPowerUser, Surur states, “The Nokia Lumia 920 will be released in Germany in mid-October and will retail for 600 Euro ($758, £476). The Austrian art magazine ‘Future Zone‘ reported that Nokia wants to deliver the Lumia 920 from the middle of October in Germany. They expect the handset to initially launch only in a few countries, much like the roll-out of the Nokia Lumia 800, before being available everywhere. The handset will be introduced first in Germany, France, Britain, Italy and Russia, before becomes available in late October in Poland. The Scandinavian countries, Portugal and Spain will receive the handset a short time later.”

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The report adds that two weeks later, the 
Lumia 820, Nokia’s second Windows Phone 8 smartphone will be launched at a price of around Euro 450 ($568 or £357). This pricing would translate to roughly Rs 31,500 in India. 

This report would also push forward the time frame the handsets are expected to debut. If Nokia aims to reclaim its throne as a top mobile manufacturer, then it needs to get the timing of the handset’s launch right as Apple may probably launch the iPhone 5 in the second half of September.

The launch of the iPhone 5 is likely to create a major stir in the smartphone market as analysts are predicting the brand to sell 10 million units of the device within the first 10 days of its launch itself.

In an investors’ note released recently, analyst Gene Munster projects iPhone 5 sales of anywhere between 6 million and 10 million from September 21 to the end of the month. Last year, Apple sold 4 million iPhone 4S units during the phone’s first three-day weekend in October. Sales of 10 million units in one week or so seem attainable this year, as long as supply meets demand. Overall, the analyst is eyeing total iPhone sales of at least 26 million units for the full September quarter, higher than the average Wall Street estimate of 22 million to 23 million.

Past rumours indicated that Nokia would price the Lumia 920 to match the iPhone. It will be interesting to see how Nokia fares in the market especially since it has a lot backing on the Windows Phone 8 OS.

Apart from Apple, Nokia also faces competition from the likes of Samsung, which also has a Windows Phone 8, the ATIV S, in its artillery, which will go head to head with these handsets.