Fujitsu announces buying stake in Siemens computer venture

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Electronics giant Fujitsu has announced that it will acquire Siemens AG's 50 per cent stake in the company's computer joint venture, Reuters reports.

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The deal will cost Fujitsu 450 million euros (AUD$843 million) and the Japanese conglomerate has said it hopes that the deal will boost its presence overseas.

It also said that the acquisition would help it to gain ground against rivals International Business Machines and Hewlett-Packard.

Both companies currently dwarf Fujitsu in the computer server markets in Europe, the Middle East and Africa, Reuters said.

Commenting on the competition and the company's hopes for the future, Tatsuo Tomita, a corporate senior executive vice president at Fujitsu, told a news conference: "We would like to compete with IBM and HP but even after this acquisition we are not at a level where we can put up a fight.

"We currently have a single-digit share of the market, and want to take that to double digits."

Fujitsu is a leading provider of customer-focused IT and communications solutions for the global marketplace.