Monday, 17 June 2013

Nokia shares rise on report of NSN sale talks

Shares of Nokia rose 5% to 2.76 euros, to top gainers on FTSEurofirst 300, after a report saying Siemens is in talks with private-equity firms for a sale of their equipment joint venture Nokia Siemens Networks. 

The Wall Street Journal reports the German company has approached funds including TPG, Blackstone Group and KKR. 

Sources told earlier this year that Siemens executives set up an exploratory committee to consider a sale of its stake in NSN, which has shown a turnaround in the past year following drastic cost cuts. 

A six-year pact binding Siemens and Nokia in the joint venture expired in April, freeing them to sellor part of their stakes without consulting the other. But industry sources and analysts at the time said a deal would likely take months. 

Nokia, Siemens and NSNdeclined to comment on the report.

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