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Talk Of TomTom Being Bought By Garmin "Nonsense"
DJ MARKET TALK: Talk Of TomTom Being Bought By Garmin "Nonsense"
1022 GMT [Dow Jones] Royal Bank Of Scotland says it´s "nonsense" to speculate on Garmin acquiring TomTom (TOM2.AE), following the announcement Garmin intends to relocate its place of corporation to Switzerland from the Cayman Islands to provide a base for expansion. RBS´s analyst cites regulatory and cultural hurdles and several other reasons as to why a deal doesn´t make sense. The analyst suggests that in the event that TomTom where to be involved in consolidation, Apple (AAPL) is likelier to be involved than Garmin. TomTom rated buy with a EUR14 target. Shares trade -0.5% at EUR6.24. (robin.vandaalen@dowjones.com)
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March 18, 2010 06:22 ET (10:22 GMT)
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