Ericsson to take $1.2 bln charge on ST-Ericsson stake
STOCKHOLM Dec 20 (Reuters) - Ericsson will take an 8 billion crown ($1.22 billion) charge in the fourth quarter related to its loss-making joint venture ST-Ericsson, the world's top mobile network maker said on Thursday.
"The charge includes write down of assets to reflect the current best estimate of Ericsson's share of the fair market value of the JV, as well as additional charges related to the available strategic options for the future of the ST-Ericsson assets," Ericsson said in a statement.
Ericsson said it was exploring strategic options for chip-maker ST-Ericsson, but that it would not acquire the remainder of the company from STMicro which has already announced it will exit the 50-50 joint venture.
ST-Ericsson will need around 3 billion crowns of additional funding from Ericsson, mostly coming in 2013, Ericsson said.
- Man called Bitcoin's father denies ties, leads LA car chase
- Ukraine standoff intensifies, Russia says sanctions will 'boomerang' |
- Florida mayor fights backyard gun ranges in 'Gunshine State'
- Apple loses bid for U.S. ban on Samsung smartphone sales
- 'Everything is fine', Pistorius told guard after shooting girlfriend |