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Ericsson acquisition of Marconi key assets approved by Marconi shareholders
An extraordinary general meeting of shareholders in Marconi Corporation plc has approved the disposal to Ericsson of key assets of Marconi's telecommunications business, which was announced on October 25, 2005. Ericsson has previously received the necessary clearances for the acquisition of key assets from a number of competition authorities.
Following the shareholder approval and the competition clearances, the acquisition of key assets remains conditional on current consultations with trade unions. The transaction is expected to be completed in January 2006.
The acquisition is to be effective as of January 1, 2006 and the acquired business is to be consolidated into Ericsson's accounts as from the first quarter of 2006.
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