Cisco scotches Nokia takeover speculation

Stuart Corner
Saturday, 10 September 2005 16:29

IT Industry - Deals

Without naming names, Cisco CEO John Chambers used the company's quarter results conference call to scotch suggestions that the company was contemplating acquiring Finnish telco manufacturer Nokia. "It is extremely unlikely for us to ever do a large acquisition," he said. "My view is, most all of them fail...We prefer small acquisitions, private. Ideal target: 100 to 200 people...We like geographic proximity, similar culture, and we like an environment that is already in a location where we have a very large presence." He said he had been "surprised by the credibility the market gave to some of the recent rumours".

The Cisco - Nokia story, first reported in UK newspaper, The Business last Sunday went round the globe like wildfire being picked up and followed up on by numerous major global news services, including Reuters.