Apple (AAPL) May Buy TomTom to Save Maps

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December 12, 2012 3:07 PM EST
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Apple's (Nasdaq: AAPL) venture into maps has been called a "unmitigated disaster" by some and more recently the Australian police warned that flaws in the software could be "potentially life-threatening." To save face and improve the service, one analyst is predicting the iPhone giant buy navigation system provider TomTom NV.

Rabobank International analyst Hans Slob sees a 30 percent chance that Apple buys TomTom in an effort to quickly make the necessary changes and correct mapping problems.

"TomTom needs the cash from Apple, and Apple needs the know-how of TomTom," said Slob.

The analyst said Apple could pay up to EUR 10 per share for the company, or more than double the current price of 4.12 EUR.

As would be expected, shares of TomTom surged in overseas trading on the speculation.

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