Nokia and Siemens to Keep Nokia Siemens Networks
Finnish mobile phone maker Nokia and German industrial giant Siemens will keep their Nokia Siemens Networks venture after considering selling part of it.
"Nokia and Siemens have reaffirmed their commitment and continue to be strong supporters of Nokia Siemens Networks," Nokia Siemens Networks head Rajeev Suri said in a statement that added the company had completed a review of potential private equity investors.
"Nokia Siemens Networks plans to take further steps to improve the competitiveness of the company as a standalone entity," the telecom networks company said.
Nokia Siemens Networks’ statement follows a report in the Wall Street Journal last month that Nokia and Siemens had failed to find Nokia Siemens Networks investors and would thus hang onto the company, which has been through important restructuring efforts in the recent years.
After the announcement, Nokia stock fell briefly below 4 Euros, a low not seen since January 1998. In Frankfurt, Siemens shares were up 1.54% to 94.01 Euros in a market up 0.84%.