Ericsson AB Monday quashed a weekend media report that claimed Cisco Systems was seeking to buy the Swedish networking giant, saying there haven’t been any merger talks.
An article by Swedish daily Dagens Industri had suggested that Cisco wanted to reach agreement with Ericsson’s board and major shareholders on a possible takeover of the company.
“We note that there are rumors in the market regarding an acquisition of Ericsson by Cisco possibly spurred by the recent announcement of a partnership between our two companies,” said Ericsson Chief Executive Hans Vestberg.
“The talks leading up to the partnership announcement have been ongoing for a year and there have not been any discussions whatsoever on a merger or an acquisition,” Mr. Vestberg said in a statement on Monday.
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