Cisco's Chambers rules out big buys

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Cisco's Chambers rules out big buys

Alex Scroxton

Shares in storage vendor EMC have taken a tumble after Cisco CEO John Chambers, speaking in the wake of Cisco's sparkling full-year results, put the boot into rumours that he was interested in picking up all or part of EMC.

"We don't have any negotiations with any large companies at this time," Chambers said to a US TV network.

Stock in EMC soared last week after talk that an approach was about to be made. EMC still holds a large part of virtualisation specialists VMware, a glittering prize for Cisco, which already has a small stake in the unit.

Chambers asserted that Cisco was still in the market for small to medium sized acquisitions. It has acquired twice this year already, scooping up next-generation data centre developer Nuova in May, and home network management software ace Pure Networks last month.

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