SIEMENS TO END JV WITH FUJITSU

Bangalore
The Times of IndiaSiemens AG has told Fujitsu Ltd it wants to pull out of their Fujitsu Siemens Computers joint venture, the Wall Street Journal said, citing people familiar with the matter.

A spokesman for Fujitsu, however, told Reuters the article was "baseless". The Japanese computer firm has been in talks with Siemens over the renewal of their contract for Fujitsu Siemens Computers, but "no solid decisions have been made", Masahiro Yamane, a spokesman for Fujitsu told Reuters.

A spokesman for Siemens declined to comment, while Fujitsu Siemens Computers could not be reached. The nine-year-old venture could be valued at between $3.12 billion and $4.65 billion, according to one unnamed banker's estimates, the Journal said.

Fujitsu President Kuniaki Nozoe said he expected phones, not PCs, to drive overseas growth, denting speculation that the company would raise its stake in Fujitsu Siemens.