Siemens / BenQ deal official

Jun 07 2005 - 11:12 AM ET | Siemens
Siemens today confirmed speculation--BenQ has purchased Siemens' mobile unit. Under terms of the sale, BenQ will be able to use the Siemens brand name for up to five years. Selling the division outright was a departure from the announced goal of finding an investment partner. While financial details are light, Siemens will take a pre-tax charge of EUR 350 related to the sale. Siemens will also acquire new BenQ shares worth EUR 50 million. The agreement remains subject to approval by a shareholders' meeting of BenQ. Siemens expect the deal to close this summer.