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Garmin cancels bid for Tele Atlas

Saturday, November 17, 2007

AMSTERDAM (AP) — Garmin, the world's largest maker of personal navigation devices, withdrew a $3.3 billion takeover bid for Dutch digital mapmaker Tele Atlas NV on Friday, clearing the way for rival bidder TomTom.

Separately, Garmin said it struck a deal with Navteq Corp., the only other digital mapmaker other than Tele Atlas to have global operations, guaranteeing it access to Navteq maps through 2015.

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