NEC, Hitachi, Casio Delay Handset Merger
TOKYO -- In September 2009 NEC Corporation (TSE: 6701), Casio Computer Co., Ltd. (TSE: 6952), and Hitachi, Ltd. (TSE: 6501/NYSE: HIT) announced an agreement to merge their respective mobile phone businesses and began preparations for the launch of a new joint venture in April 2010.
As part of these preparations, the companies are proceeding in accordance with overseas competition regulations. However, supplementary documentation has been required by certain competition authorities, and additional time is necessary for their completion. Therefore, there is a possibility that the authorities' review will not be completed within March 2010. In order to minimize the influence on existing business partners, it has been decided to postpone the April launch of the new joint venture.
The new joint venture is now expected to launch approximately 1 month later than originally forecasted.
NEC Corp. (Tokyo: 6701)
Hitachi Ltd. (NYSE: HIT; Paris: PHA)