STMicroelectronics (STM -1.5%) and Ericsson (ERIC +2.5%) head in opposite directions after the...
Friday, January 18, 2:50 PM ETSTMicroelectronics (STM -1.5%) and Ericsson (ERIC +2.5%) head in opposite directions after the WSJ reports JPMorgan has been hired to explore options for the baseband chip JV - a French paper reported the same in October. STM has already said it wants to exit the 50/50 JV, which is struggling to compete with Qualcomm, MediaTek, and others, by the end of Q3. Ericsson recently said it will take a $1.22B charge on ST-Ericsson for Q4, while adding it doesn't intend to buy STM's stake.
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