NOKIA CORP. AND SIEMENS AG SAID MONDAY THEY WILL COMBINE THEIR MOBILE NETWORK OPERATIONS TO CREATE A JOINT VENTURE WITH ANNUAL REVENUES OF ¤15.8 BILLION (US$20 BILLION), A MOVE THAT WILL HELP THEM COMPETE WITH MARKET LEADER ERICSSON AB. THE 50-50 JOINT VENTURE, TO BE CALLED NOKIA SIEMENS NETWORKS, WILL COMPRISE NOKIA'S NETWORK BUSINESS GROUP AND SIEMENS' CARRIER-RELATED OPERATIONS, CREATING ESTIMATED SYNERGIES OF ¤1.5 BILLION (US$1.9 BILLION) BY 2010, NOKIA WAS QUOTED AS SAYING BY THE ASSOCIATED PRESS.
