Feb 24 German industrial bellwether Siemens
will speed up efforts to exit or cut its 50 percent
stake in its telecom equipment joint venture with Finnish phone
maker Nokia, 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.
An NSN spokesman said ownership questions were for the
Nokia and Siemens could not be reached for comment outside
regular business hours.
NSN has shown signs of a turnaround in recent quarters,
helped by a massive restructuring drive last year that cut
around 20,500 out of 74,000 jobs.
Nokia and Siemens have been looking to exit the joint
venture through a buyout or public offering, and analysts expect
a decision in the next few months.