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Technology Stocks : 3Com Corporation (COMS)

COMS 0.00160

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Nov 26 9:30 AM EST

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To: Al Cano who wrote (33250)	8/26/1999 8:20:00 AM
From: Neil H	Read Replies (1) of 45548

Thursday August 26, 5:23 am Eastern Time Siemens confirms it and 3Com give up on JV MUNICH, Aug 26 (Reuters) - Germany's Siemens AG (quote from Yahoo! UK & Ireland: SIEGn.F) confirmed on Thursday that it and U.S. partner 3Com (Nasdaq:COMS - news) have given up plans to form a joint venture making equipment to handle voice calls on data and video telecoms networks. A Siemens spokesman, confirming a story in the Handelsblatt newspaper, said the two companies had ``come to the conclusion together' and that they would develop their products in the sector ``independently from each other.' The strategic alliance between the two firms begun in 1997 would continue, the spokesman said, adding that the venture was scrapped due to each of the firms' increased cooperation with other companies in the sector. Handelsblatt said cost reasons in the United States was the official cause of the split, although Siemens' increased engagement in the U.S. might have played a role. Siemens and 3Com said in December they would invest more than $100 million in the venture, which would employ 200 people initially. Regards Neil

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