STMicro to tell more about ST-Ericsson exit by second quarter
NEW YORK (Reuters) - STMicroelectronics NV (STM.PA) may not disclose details about its plan to exit its wireless chip venture with Ericsson (ERICb.ST) until as late as the second quarter of 2013, STMicroelectronics' top executive said Wednesday.
"The midpoint of all of this is the second quarter," STMicro CEO Carlo Bozotti said.
STMicroelectronics announced on Monday that it would exit its ST-Ericsson joint venture in the third quarter of 2013 but the company did not give any details regarding what the exactly exit would entail.
Analysts said that ST-Ericsson, which has around 5,000 employees, could be shut down entirely, or parts could be sold to competitors such as Intel Corp (INTC.O), Broadcom Corp (BRCM.O) or Samsung Electronics Co Ltd (005930.KS), with Ericsson taking some others.
Bozotti said that he could not yet provide details because the company is still in negotiations on its exit options. He declined to discuss the nature of the negotiations.