Siemens Gets Approval to Sell Mobile Phone Company

2:57 pm on September 8, 2005 | Category: Business

European Union regulators have approved Siemens AG’s plans to sell its unprofitable mobile phone business to Taiwan’s BenQ Corp. The EU regulators said that the deal wouldn’t prevent healthy competition in Europe, since BenQ would still have to face well-established rivals such as Samsung and Nokia.

“Although the Siemens mobile device business has relatively large market shares in some member states, the transaction will not result in a significant increase in market shares because BenQ is only active to a very minor extent in these markets,” a European Commission representative was quoted as saying.

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    Edited by Jeremy Maddock