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Siemens FSC bailout wish
posted on 06 August 2008 13:16
The Wall Street Journal has reported that Siemens wants to bail-out of the Fujitsu Siemens Computers joint-venture with Fujitsu.
This confirms earlier reports and suggests that a sale of the JV may be in the offing. Fujitsu has the right of first refusal to the company if Siemens pulls out. For Siemens to pull out requires it to imform Fujitsu by a date in September to forestall an automatic 5-year extension.
Fujitsu has conformed discussions are taking place. The WSJ suggests Lenovo might be a possible buyer and suggests $4 billion valuation.
Siemens is cutting almost 17,000 jobs worldwide in an attempt to return to profitability after bribery scandals and unrewarding forays into mobile phones.
[Martin Edwards, news writer.]
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Siemens FSC bailout wish