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EC extends review of Nokia's Navteq buyout

Posted: 02 Apr 2008 ?? ?Print Version ?Bookmark and Share

Keywords:Navteq acquisition? EC review? navigation system?

The European Commission has initiated a Phase II review of Nokia Corp.'s pending acquisition of Navteq, a provider of digital map information for automotive navigation systems. This is part of the EC's review process and does not in any way signal the ultimate outcome.

"We have engaged in an open and constructive dialogue with the Commission in order to find agreement on the acquisition of Navteq. We have listened to the Commission's concerns, and look forward to finding a common understanding that will enable the transaction to be closed," said Rick Simonson, executive VP and chief financial officer, Nokia. "Nokia remains strongly committed to this acquisition, which will play a key role in our Internet services push."

The EC now has 90 working days to make a final decision on the transaction. However, the review period may be extended to 125 working days under certain circumstances. The completion of the acquisition is subject to the receipt of European regulatory approval. Nokia has received all other necessary regulatory approvals.

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