Siemens to speed up efforts to cut NSN stake: FT

Sun Feb 24, 2013 7:18pm EST
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(Reuters) - German industrial bellwether Siemens (SIEGn.DE: Quote) 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: Quote), 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)

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