German carmakers may need help to bid for Nokia’s high tech map

ABDULAZIZ MOMBA (AFVI)

German carmakers may need
help to bid for Nokia’s high-
tech maps Fri May 8, 2015 12:15pm EDT By Edward Taylor and Andreas
Cremer FRANKFURT (Reuters) – German
car companies may need help to
compete with a wealthy field of
bidders for Nokia’s NOK1V.HDE
high-tech mapping unit HERE, as
the entry of technology company Uber into the fray signals interest
from deep-pocketed Silicon Valley
players, bankers and executives
close to the deal said. German auto makers Daimler
(DAIGn.DE), owner of Mercedes- Benz, BMW (BMWG.DE) and Volkswagen’s (VOWG_p.DE) premium car division Audi have
clubbed together to submit an
indicative bid as a consortium, two
sources close to the auto
companies told Reuters. The German carmakers can
probably justify stumping up
around 700 million euros ($785
million) each to match HERE’s
book value, but could be easily
outbid by technology companies who enjoy higher valuation
multiples and have more cash. Some investment…

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