Siemens, the German electronics company, is to sell its mobile-phones business to Taiwan's BenQ

Siemens, the German electronics company, is to sell its mobile-phones business to Taiwan's BenQ, it said on Tuesday, ending months of uncertainty over the loss-making unit and bringing BenQ access to new markets.

The terms of the deal will mean Siemens incurring a pre-tax loss of 350 million euros 429 million U.S. dollars, the company said without elaborating further, but its shares rose as investors welcomed the prospect of an end to the unit's losses of over 1 million euros a day.

BenQ, Taiwan's top maker of mobile phones and computer gear, will have rights to the Siemens brand for five years.

Siemens will take a 2.5 percent stake in BenQ, acquiring 50 million euros' worth of new BenQ shares, and hopes to close the deal in its fiscal fourth quarter which runs to the end of September.

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