Siemens sells 40% stake in joint venture with GEC

Article Abstract:

Siemens AG of Germany plans to sell its 40% stake in GPT Holdings Ltd., its joint venture firm with UK-based General Electric Co. PLC. (GEC), to GEC. GEC plans to consolidate GPT into its Italian subsidiary called Marconi SpA, which will be renamed to Marconi Communications SpA. Meanwhile, Siemens also plans to acquire the remaining 50% stakes in Siemens GEC Communication Systems, its other joint venture firm with GEC, and form two new companies to rival with GEC. GEC as a result will pay 610 million pounds sterling to Siemens, which will be considered as an added revenue. The two new companies are Siemens Newbridge Networks and Siemens Telecoms Networks.

Comment:

Plans to sell its 40% stake in GPT Holdings to JV partner General Electric Co

United Kingdom, Telephone Apparatus Manufacturing, Radio and Television Broadcasting and Wireless Communications Equipment Manufacturing, Data Communications Equip, Mobile Radio Systems, Wireless communications, Data communications equipment, Siemens AG, General Electric Company PLC, Siemens GEC Communication Systems Ltd, GPT Holdings Ltd.

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Commerzbank meets resistance in Postbank talks

Article Abstract:

Commerzbank AG, the third-largest bank in Germany, reported that it will continue negotiations directly with the federal government to acquire 15% of Deutsche Postbank AG despite oppositions from several sectors. The government owns Postbank through Deutsche Post AG, the government's postal-services agency, which will receive a 17.5% stake in Postbank on Jan. 1, 1999. The postal-service agency and Deutsche Postbank will soon be privatized. Commerzbank has not met with either Deutsche Post or Germany's Regulatory Agency for Posts and Telecommunications regarding its intention of buying a stake in the bank.

Comment:

Will continue negotiations directly with the federal government to acquire 15% of Deutsche Postbank AG despite opposition

Commercial Banks, Commercial Banking, Commerzbank AG, Deutsche Postbank AG

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AlliedSignal, Honeywell cited in overlap probe

Article Abstract:

Honeywell Inc.'s proposed $14.8 billion (14.15 billion euros) merger with AlliedSignal Inc. is being investigated by regulators in Europe. The regulators are concerned about possible overlap in the aircraft electronic operations of both companies. According to analysts, Honeywell and AlliedSignal may have to sell off some of the overlapping businesses before their merger can be approved.

Comment:

Honeywell's proposed $14.8 billion (14.15 billion euros) merger with AlliedSignal being investigated by European regulators

United States, Europe, Electronic Computer Manufacturing, Diversified Companies, Computers & Auxiliary Equip, Public affairs, Computer industry, Mergers, acquisitions and divestments, Investigations, Abstract, Honeywell Inc., AlliedSignal Inc.

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