Siemens's sale of phone unit wins EU approval

BRUSSELS, Sept. 26 (Xinhua) -- The European Union (EU) antitrust watchdog has allowed Siemens to sell its phone unit SHC to investment company Arques.

"The proposed concentration would not significantly impede effective competition" in the EU, the European Commission said in a statement on Thursday.

SHC, the home and office communication devices business of Siemens, is active in the manufacturing of fixed-line and internet telephone equipment, broadband devices and home-media products.

Arques invests in companies active in various industries including the wholesale of information technology, telecommunications and home-media equipment.

The Commission examined the effects of the proposed transaction on the markets for fixed-line and internet phone devices, broadband devices and TV set-top boxes. The investigation found the proposed concentration is unlikely to raise competition concerns.