BenQ Shareholders Approve Deal with Siemens

Frankfurt -- BenQ Corp., a Taiwan-based maker of mobile phone
handsets and computer peripherals, announced that it has gained
shareholder approval to acquire the unprofitable mobile-phone division
of Siemens AG, a Germany-based technology and engineering
company. Under the terms of the deal, Siemens plans to pay BenQ
approximately 250 million euro -- 85% in cash and the rest in assets
and technology; Siemens will also invest 50 million euro in BenQ
shares. BenQ, which was spun off from electronics company Acer in
2001, will use the Siemens brand for up to five years. BenQ said it
expected to close the deal, originally announced in June, by Oct. 1.
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