News Summary: Nokia buys network ops from Siemens

News Summary: Nokia to fully acquire network operations with $2.2B purchase of Siemens' half

Associated Press

BUYOUT: Finland's Nokia Corp. offered German industrial conglomerate Siemens $2.22 billion for its half of their networks joint venture, formed in 2007

STRONGER UNIT: Nokia Siemens Networks reported a small first-quarter operating profit after restructuring and job cuts helped reverse prior-year losses. The purchase is seen as a way to bolster Nokia's smartphone arm. Nokia had 40 percent of the global cellphone market in 2008, but has struggled against Samsung, Apple and handsets that use Google's Android software, and against cheaper handsets from Asia.

LOOKING FOR CUTS: Siemens in November launched a program aimed at saving 6 billion euros by 2014. It plans to restructure its water business and sell its solar energy business.

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