Nokia wants faster growth from Navteq -CFO

Tue Dec 4, 2007 10:15am EST
 
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AMSTERDAM, Dec 4 (Reuters) - Mobile phone maker Nokia (NOK1V.HE) wants Navteq NVT.N, the digital map maker it is buying, to show faster growth with its existing other customers, Nokia's chief financial officer said on Tuesday.

Nokia CFO Rick Simonson said a growing business with makers of car navigation systems and other mobile operators was crucial for Nokia's return on the $8.1 billion acquisition.

"I have told them: you must grow that business with all those other customers. Nokia will take care of itself, but you must grow with the other customers. That's what we paid for. I want it faster, and I want more," Simonson said.

"We're going to help (Navteq) to get that faster (growth) ... so that we can get a return on what we have paid for with the other customers."

Navteq's revenue in the first nine months of the year grew 44 percent from the previous year to $577 million.

Simonson said there was no update with regards to regulatory approvals for the Navteq acquisition.

Dutch navigation device maker TomTom (TOM2.AS) last week had to extend the offer period for its takeover of Navteq rival Tele Atlas TA.AS after the European Commission started an in-depth review of the 2.9 billion euro deal. (Reporting by Niclas Mika; Editing by David Holmes)

 

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