Nokia merging with Siemens?

This just in.

Nokia Corp. and Siemens AG are expected to announce Monday that they are combining their phone equipment units in a deal valued at $31.5 billion, according to a media report Sunday.

But wait a minute... wasn't the mobile division of Siemens sold to Benq a year ago? Well, phone equipment units are much more than just mobiles, Siemens has a strong position in landline phone equipments here in Europe. Although this is announced as a merger, the new business will be based in Finland and Nokia will control the board.