German conglomerate Siemens AG will definitely hold on to its handset business and has no intention of selling, an official with Siemens (China) told China Daily yesterday.

"Our company is working on a reshuffle for the unit and new strategies will be introduced to help reverse the handset business," said the official who refused to be named.

"We are not going to sell the unit, but are seeking co- operation," he said. The official did not disclose a timeframe for the unveiling of the new strategies.

In sharp contrast, rumours have recently surfaced that Siemens are in negotiations with foreign and domestic handset makers on a possible purchase plan, including Bird Co, LG, NEC and Motorola.

forbes.com