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Technology Stocks : Newbridge Networks
NN 17.06+0.3%Jan 23 3:59 PM EST
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To: pat mudge who wrote (10047)3/5/1999 3:48:00 PM
From: Tim Cruise  Read Replies (2) of 18016
 
Pat, I don't know if this was posted, but I'd like to hear your thoughts on it's implications. I picked it up off the wire. Thanks, Tim

Siemens To Buy U.S. Networks Units - FT

FRANKFURT (Reuters) - Germany's Siemens AG has earmarked more than $1 billion as part of a plan to create its own U.S. data networking unit and buy several U.S. data networking companies, the Financial Times reported Friday.

Siemens Thursday declined comment on any plans it had to move into the data networking sector but said it would be making an announcement in New York Monday.

The FT cited a source close to Siemens as denying the industrial group was in talks with U.S.-based 3Com about buying its unit that sells networking equipment to telephone companies for $1.2 billion.

But the same source said Siemens would announce the acquisition of private Massachusetts-based data networking firm Argon Networks for $240 million and a $30 million stake in California-based Accelerated Networks Inc.

The FT also reported that Siemens was in talks to acquire another U.S. firm, Castle Networks Inc, for about $300 million and negotiations were likely to be finalized within a few days.

The speculation surfaced Thursday in a New York Times article and was welcomed by the market which pulled Siemens's shares almost seven percent higher at one stage.
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