Taiwan group to buy Siemens phone division

German company Siemens is to sell its loss-making mobile-phones unit to Taiwanese technology group BenQ for €350 million, it …

German company Siemens is to sell its loss-making mobile-phones unit to Taiwanese technology group BenQ for €350 million, it emerged today.

Siemens will acquire €50 million worth of new BenQ shares as part of the deal, which it hopes to close in its fiscal fourth quarter to end-September, the German firm said.

The agreement, which ends months of uncertainty over the future of the unit, is subject to approval from BenQ's shareholders and anti-trust authorities. BenQ will have rights to use the Siemens brand and name for five years, and the business will be headquartered in Munich, Germany.

A spokesman said Siemens' cordless-phone business was not part of the deal with BenQ.