Siemens to speed up efforts to cut NSN stake: FT

Sun Feb 24, 2013 7:18pm EST

Flags of German engineering conglomerate Siemens AG flutter before the company's annual shareholder meeting in Munich January 23, 2013. REUTERS/Michael Dalder

Flags of German engineering conglomerate Siemens AG flutter before the company's annual shareholder meeting in Munich January 23, 2013.

Credit: Reuters/Michael Dalder

(Reuters) - German industrial bellwether Siemens (SIEGn.DE) will speed up efforts to exit or cut its 50 percent stake in its telecom equipment joint venture with Finnish phone maker Nokia (NOK1V.HE), the Financial Times reported on Sunday.

Siemens and Nokia will be free to take action regarding their stake in Nokia Siemens Networks (NSN) in April when a six-year shareholder agreement expires, following which Siemens would look to cut its stake in the venture to below 20 percent, the FT said, citing a person close to Siemens.

Siemens would ideally like a private equity investor or a consortium with a solid record in technology to take a controlling stake in NSN, the FT said on its website, citing the person close to Siemens.

(Reporting by Abhishek Takle in Bangalore; Editing by Dale Hudson)

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