Nokia, Siemens merger delayed

The proposed merger between Nokia and Siemens has been delayed due to the ongoing investigation into the corruption scandal at Siemens.

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By  Published  December 23, 2006

The proposed merger between Nokia and Siemens has been delayed due to the ongoing investigation into the corruption scandal at Siemens. The union between the two firms was due to be completed in January. However in a joint statement, the companies said they were postponing the merger pending “an appropriate compliance review prior to closing of the transaction”. Nokia said it now expected the merger to be completed in March. Siemens is the subject of an ongoing bribery probe, which has already resulted in the arrest of several former Siemens employees, including Thomas Ganswindt, who had special responsibility for Siemens’ Information and Communications businesses.

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