UK industrial giant GEC is reported to be taking full control of GPT, its telecomms equipment joint venture with Siemens, by buying out the German organisation's 40 per cent stake.
Earlier this year analysts believed the partners were close to inking an opposite deal, for Siemens to acquire GEC's 60 per cent share. GEC was originally reported to have wanted Siemens to pay #850 million for the stake.
Observers had thought the stake was worth #1 billion until it became clear that Siemens controls most of the technology and much of the distribution for GPT's switch and transmission products.
In the year to March 1997, GPT raked in #1 billion worth of sales for GEC, with operating profits of #149 million. This compared with the previous year's sales of #863 million and profit of #137 million.
A GEC spokesperson declined to confirm nor deny the latest rumours.
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