Garmin drops bid for mapmaker
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From Times Wire Services
Garmin Ltd., the largest maker of car-navigation devices, withdrew its bid for Tele Atlas, clearing the way for rival TomTom to buy the Dutch mapmaker for 2.9 billion euros ($4.25 billion).
Instead of raising its 2.3-billion-euro offer, Garmin struck a six-year deal to get maps from Tele Atlas rival Navteq Corp., the company said.
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