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Nokia Siemens Networks
From Wikipedia, the free encyclopedia
Nokia Siemens Networks is the proposed new company announced on 19 June 2006 as the result of a merger (by means of a 50%/50% joint venture) between Siemens AG's COM division (minus its Enterprise business unit) and Nokia's Network Business Group.
The new company will officially begin operating on 1st April 2007 [1] and will have its headquarters in Espoo, Greater Helsinki, Finland, while the European headquarters and three of its five divisions will be based in Munich, Germany. It will have operations in all major regions of the world.
It is foreseen that, with a combined 2005 revenue of more than EUR 15 billion, the new company would be one of the largest telecommunication equipment makers in the world.
Simon Beresford-Wylie, the Executive Vice President and General Manager of Nokia’s Networks unit was appointed as the new company's first Chief Executive Officer and Peter Schönhofer, Siemens Austria's Chief Financial Officer (CFO), as Nokia Siemens Networks's first CFO.
The merger has been postponed to 1st April 2007 allowing Siemens to "conduct an appropriate compliance review prior to closing the transaction". A "slush fund" reportedly containing over €400m was uncovered in a number of Swiss bank accounts. German police and tax inspectors raided Siemens' offices and the homes of executives, seized over 30,000 documents and arrested six Siemens' executives. [2]
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