Siemens bribery probe could sink Nokia merger: press
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The alleged bribery scandal surrounding the German conglomerate Siemens may scupper a planned tie-up with Finnish telecommunications equipment maker Nokia, according to a German newspaper report.
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A corruption affair that has shaken German industrial conglomerate Siemens AG  has spread to the United States with investigations by the U.S. Department of Justice and Securities and Exchange Commission.
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The planned merger of network infrastructure units at Nokia and SiemensÂ won't close by the end of this year as expected because the companies will execute a compliance review of Siemens, spurred by the corruption investigation currently shaking the German technology company.
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Nokia , the world's top cellphone maker, said on Tuesday it plans to close its plant in Bochum, Germany, by mid-2008 and may cut up to 2,300 staff as it moves production to lower-cost regions.
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Siemens (SIEGn.DE) Chief Executive  Klaus Kleinfeld denied any knowledge that the German  engineering conglomerate was paying bribes in exchange for  contracts, German magazine Focus reported on Saturday.
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Nokia Siemens Networks, the Finnish-German telecom networks manufacturer, said Friday it would cut 2,290 jobs in Germany as part of a restructuring plan.
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Nokia Corp. hopes to distinguish its products and regain lost market share by leading the mobile-device market in delivering cutting-edge bells-and-whistles on its new handsets, company executives said Thursday duringhop a daylong meeting in New York with analysts.
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â¬200m in dodgy dealing German police investigating Siemens' telecoms unit have made two further arrests and reckon suspicious transactions could total as much as â¬200m.â¦
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In another sign that Nokia and SiemensÂ are confident that theÂ merger of their network equipment divisionsÂ will go through, the companies announced they will start sharing their proposed product portfolio in early February.
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The new chief executive of the engineering conglomerate Siemens said that a top priority for his first 100 days on the job would be to simplify the organizational structure that may have contributed to a bribery scandal.
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Siemens  Chief Executive Klaus Kleinfeld denied any knowledge that the German engineering conglomerate was paying bribes in exchange for contracts, German magazine Focus reported on Saturday.
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German electronics giant Siemens is planning to de-list its shares from the New York Stock Exchange because of the high costs of maintaining a listing on Wall Street.
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German electronics giant Siemens could decide on the future of its mobile phone manufacturing division as early as next month, a company spokesman said.
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Nokia, the world's largest mobile phone maker, said it would cut costs in its Multimedia Business Group by shedding workers in the division's research and development department.
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Nokia , the world's top  cellphone maker, said on Tuesday it plans to close its plant in  Bochum, Germany, by mid-2008 and may cut up to 2,300 staff as  it moves production to lower-cost regions.
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Siemens, the German engineering company, banned its sales managers from using consultants for winning new orders after an investigation into whether money was embezzled through such agreements to bribe customers. âWe decided to introduce a general ban on the use of consultant agreements in our sales organization,â a spokeswoman, Monika Bruecklmeier, said. Exceptions can be granted only through the companyâs head of compliance, she said. An investigation of such payments has spread to at least six countries and forced the company to review 420 million euros ($544 million) in payments, and has put pressure on Siemens to explain how the suspected system of bribes went unchecked by top management.
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Recent reports that Nokia is in talks to buy Palm surprise some analysts, who nonetheless said some type of buyout might make sense.