The CFO of Siemens has appeared to indicate the German vendor could exit the joint venture it shares with Finland’s Nokia this year.
Joe Kaeser told a BofA Merrill Lynch investor conference yesterday that Nokia Siemens Networks is “not a business…
The CFO of Siemens has appeared to indicate the German vendor could exit the joint venture it shares with Finland’s Nokia this year.
Joe Kaeser told a BofA Merrill Lynch investor conference yesterday that Nokia Siemens Networks is “not a business that we have any aspirations to stay in”.
He said: “I do believe that 2013 will be the time for Siemens to help NSN to move into a better place.”
However, despite a shareholder clause that prevented a deal without Nokia’s permission expiring in just a few weeks, Kaeser did not disclose any immediate plans to exit the JV.
Speculation that NSN’s owners could seek to sell or float a stake in the group has grown recently as its widespread cost-cutting measures begin to bear fruit.
On the back of this improved outlook, NSN unveiled plans for a €600m bond earlier this week to refinance debt – a move seen as a step away from its parent companies.
Having been unable to find a buyer when the asset was shopped around in 2011, NSN’s owners were forced to pump in a further €1bn of equity into the venture, and announce a major cost cutting drive.
The companies were unable to comment on the speculation.
