Old world not sexy, but profitable: Shares of Siemens, Europe's No. 3 phone equipment maker, rose 4.77 euros,
or 4.8 percent, to 59.35 euros, or $64.43, bringing the company's two-day
gain to 11 percent.
Siemens to unveil more network
buys
By Reuters
Special to CNET News.com
March 5, 1999, 11:00 a.m. PT
update MUNICH, Germany--Siemens shares extended yesterday's gain in
Europe on optimism the company is embarking on a buying spree to
reinforce its data networking business.
Shares of Siemens, Europe's No. 3 phone equipment maker, rose 4.77 euros,
or 4.8 percent, to 59.35 euros, or $64.43, bringing the company's two-day
gain to 11 percent.
Siemens reportedly agreed to buy closely held Argon Networks, a U.S. maker
of Internet equipment, for about $240 million, people familiar with the
transaction said. The company is also in talks to buy Castle Networks for $300
million and a $30 million stake in Accelerated Networks, the Wall Street
Journal reported.
Siemens would only say that it plans to hold a press conference in the
United States on Monday on its network operations. |
