Fujitsu-Siemens denies break-up reports
By
Dave Bailey
11 August 2008 04:02PM
Tags:
fujitsusiemens | denies | breakup | reports
Fujitsu Siemens Computers has moved to quash reports of its impending break up, describing the talk as "baseless".
Earlier, the Wall Street Journal had reported that leaders at Siemens were looking to dissolve the partnership, citing unnamed sources.
Fujisu Siemens' head of corporate communications dismissed that suggestion but admitted that all parties were in contract discussions.
The original partnership agreement started in 1999, he explained, and was due to run for 10 years.
"If nobody sells its stake, then the partnership will continue for a further five years," he added.
Should Siemens not renew that partnership agreement, Fujitsu has first refusal over its 50 per cent stake.
And as the German engineering giant looks to restructure, as it aims to reduce operating costs by €1.2b by 2010, several of its partnership agreements are under the spotlight.
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