ST-Ericsson parents say working with external advisor on strategy
STOCKHOLM, Oct 9 (Reuters) - ST-Ericsson's owners Ericsson
and STMicroelectronics are working with an external advisor on the future strategy of the loss-making chip-maker, they said on Tuesday.
The comments follow media reports that STM and Ericsson had engaged U.S. investment bank JP Morgan to review all strategic options, including the search for a new partner or the sale of some assets.
"The two parent companies, together with ST-Ericsson, are currently working with an external advisor in order to ensure the best possible future for ST-Ericsson," the companies said in a statement.
Ericsson and STMicroelectronics said they supported ST-Ericsson in its ongoing cost cutting programme.
(Reporting by Simon Johnson)