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Technology Stocks : Nokia Corp. (NOK)
NOK 6.865+0.4%10:37 AM EST
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To: Eric L who wrote (3979)6/23/2006 2:35:29 AM
From: Grad B  Read Replies (1) of 9255
 
This deal looks like a winner to me. Only thing, I would have liked to see the total headcount less than 60,000, as Ericsson's is around 57,000, I believe. But the 60,000 may be before reductions, so the cost structure of the JV should be looking pretty good if so.

I also believe the JV structure is a brilliant method for the equity combination, for Nokia. I view it as a takeover by Nokia without paying an equity premium. Of course, Siemens is getting 1/2 of the earnings stream, while initially contributing less than that amount to the bottom line.
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