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Vincent Padois, head tutor at the Pierre and Marie Curie University who teaches robotics and is babysitting the Paris ICub, makes a demonstration with ICub robot, a ?hybrid embodied cognitive system for a humanoid robot" about 1 metre (3.2 feet) high, at the Pierre and Marie Curie University in Paris September 4, 2009. Six versions of ICub exist in laboratories across Europe, where scientists are painstakingly tweaking its electronic brain to make it capable of learning, just like a human child and hoping it will learn how to adapt its behaviour to changing circumstances, offering new insights into the development of human consciousness. REUTERS/Philippe Wojazer

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    U.S antitrust regulators approve Nokia-Nortel deal

    WASHINGTON
    Tue Jul 7, 2009 3:07pm EDT
    A visitor speaks on his mobile phone under a Nortel sign at the GSMA Mobile World Congress in Barcelona, February 18, 2009. REUTERS/Albert Gea

    WASHINGTON (Reuters) - U.S. antitrust regulators have approved a Nokia Siemens bid for a portion of Canada's bankrupt Nortel Networks Inc, the Federal Trade Commission said on Tuesday.

    Technology  |  Deals

    Nortel had said Nokia Siemens Networks -- a joint venture of Nokia and Siemens -- would offer $650 million for Nortel's CDMA and LTE wireless technology businesses and act as the "stalking horse bidder."

    In a bankruptcy auction a "stalking horse" typically sets the floor for bidding, and makes the lead bid at the bankruptcy auction. Nokia Siemens will have the right to match any higher offers.

    The FTC, one of two agencies that assesses mergers for potential violations of antitrust law, put the approved deal on a list of OKed mergers that it issued on Tuesday.

    The auction for Nortel is set for July 24 in New York and the deadline to submit bids is July 21. The deal is subject to bankruptcy court approval and a court hearing is set for July 28, according to court documents.

    (Reporting by Diane Bartz, editing by Matthew Lewis)
    Technology
    Deals


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