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February 14, 2012
Canada clears Ericsson's bid for Nortel
Published: 17 Sep 09 07:48 CET | Double click on a word to get a translation
Online: http://www.thelocal.se/22124/20090917/
The Canadian government will not stand in the way of Swedish firm Ericsson's $1.13 billion deal to buy a slice of Nortel's mobile telephone division, Industry Minister Tony Clement confirmed on Wednesday.
- Courts give green light to Ericsson's bid for Nortel (30 Jul 09)
- Ericsson to acquire Nortel wireless division (25 Jul 09)
- Ericsson's quarterly profits plummet (24 Jul 09)
The deal was approved by Canadian and US bankruptcy courts at the end of July, but at the time Ottawa remained circumspect over whether the sale met the country's investment laws.
The conservative government said it would have preferred to see Nortel's technology transferred to another Canadian group, Research In Motion (RIM) the makers of the Blackberry, whose final offer topped that by Ericsson.
"Ericsson is offering jobs to roughly 800 Canadian Nortel workers at substantively the same pay and benefits and based on the same location," Clement said.
"According to the company, an overwhelming majority of employees who have been offered a job so far have accepted."
The acquisition will make North America the biggest market for Ericsson, which last year reported sales in the region of $2.7 billion.
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Nortel has had excellent employees and produces good and inovative technology.
Their problems seem to have revolved around senior management issues that hopefully Ericsson can avoid (don't try cheating major US companies out of a billion dollars, etc.).
Probably by this point the name "Nortel" is more of a disadvantage than advantage (massive stock value losses multiple times....).
We are familiar with Ericsson through their cell phones (I had one some years ago) and Sweden and things Swedish are generally well thought of here....you understand the ways of snow and moose :-)
Good Luck!
...speaking of moose, what do you call a moose with no name?
.
.
.
An anonymoose! :)
Nortel was a golden boy company that fell hard on its face. My cousin invested heavily in Nortel stock expecting an early retirement but lost a lot of money in the end. A lot of people were in the same boat.
It's sad to see it go, but I'd just as soon have Swedes purchase it as anybody. At least you folks also play ice hockey, curling and ski.:-)
800 jobs doesn't seem like I lot. Nortel must have employed many more at one time.
The company was a bit of a tragedy as it was a Canadian success story that crashed and burned, but not because of the products or technology. I hope Ericsson can put it back on top.
I am also thrilled that it is Ericsson ( a great Swedish company) and not a non-European company stepping in.
Years ago I speculated in put and call option stategies on Nortel stock because they kept revising their revenue recognition requirements for the balance sheet that caused them to constantly change their earnings statements. The financial management communities in Canada and the US got fed up and dumped the stock. I shorted and made money as this giant fell out of bed.
From an accounting stand point they really just kept on screwing things up! Investors dumped their holdings big time. Many after collosal losses.
Ericsson as far as I'm concerned is the white knight for these employees.
And most of us old stock Canadians love Sweden!! Some of us have Swedish ancestry too! My Great Grandmother was a Gustafsson. She was a cousin of somekind of Greta Garbo's father!
Obviously I LOVE Sweden!!
Let us hope for the best.