China blocks Motorola sale

Chinese regulators have delayed Nokia Siemens Networks’ acquisition of Motorola’s wireless infrastructure division.
 
The vendor revealed a continuing review of the $1.2 billion (€902 million) deal by China’s Anti-Monopoly Bureau would push the closing date back from end-2010 to 1Q11, despite the transaction being approved by anti-trust regulators in several major markets.
 
Some of Motorola’s Chinese staff are among 7,500 that will transfer to NSN once the deal closes.
 
CEO Rajeev Suri called the delay “disappointing”, but said the firm is working closely with the Anti-Monopoly Bureau “to finalize the clearance process.”
 
China is the last country to approve the deal, which has already cleared regulators from the US, EU, Brazil, Japan, Russia, South Africa, Taiwan and Turkey.
 
NSN stated it hoped to clear all regulatory hurdles by the year-end when it clinched the deal in July.