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According to a Bloomberg report, Nokia Oyj and Siemens AG have agreed to combine their telecommunications equipment businesses. This is intended to reduce costs in research and development, human resources, and procurement.
The company created by this merger is expected to be called Nokia Siemens Networks, with revenue exceeding ¥2 trillion. Of its 60,000 employees, about 9000 are expected to be laid off as a result of the merger. The companies are aiming for cost savings of around ¥200 billion.