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Siemens sells mobile phones unit to BenQ FRANKFURT (Reuters) - Germany's Siemens (SIEGn.DE: Quote, Profile, Research) is to sell its loss-making mobile-phones unit to Taiwanese technology group BenQ (2352.TW: Quote, Profile, Research) in a transaction that will cost it 350 million euros ($429 million), it said on Tuesday. Siemens will acquire 50 million euros' worth of new BenQ shares as part of the deal, which it hopes to close in its fiscal fourth quarter which runs July to September, the German conglomerate said in a statement. The agreement, which ends months-long uncertainty over the future of the unit, is subject to approval from BenQ's shareholders and anti-trust authorities. BenQ will have rights to use the Siemens brand and name for five years and the business will be headquartered in Munich, Germany. A spokesman said Siemens' cordless-phone business was not part of the deal with BenQ. "All in all, this transaction will burden Siemens' results by some 350 million euros pre-tax," Siemens said in the statement. The spokesman could not say in which time period the 350 million euros would affect Siemens' results, saying that Chief Executive Klaus Kleinfeld would give further details in a news conference at 1200 GMT. The spokesman said BenQ's shareholders would vote on the deal within 70 days, and added that the Taiwanese company would take on the staff of Siemens' mobile unit on their current terms of employment. ($1=.8150 Euro) News Sourcehttp://www.microsite.reuters.com
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