Latest Business News: Nokia Buys Siemens Stake in NSN Joint Venture ? Will an Exit From the Phone Business Follow?

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Latest Business News: Nokia Buys Siemens Stake in NSN Joint Venture ? Will an Exit From the Phone Business Follow?

Latest Business News: Nokia Buys Siemens Stake in NSN Joint Venture ? Will an Exit From the Phone Business Follow?
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Latest Business News: Nokia Buys Siemens Stake in NSN Joint Venture ? Will an Exit From the Phone Business Follow?

Wochit 1:06 mins

For the past three years, markets have been trying to guess whether or not?Nokia would dump its stake in the Nokia Siemens Networks, a mobile infrastructure joint venture. Since NSN has some traction in emerging markets, an Indian buyer has been thought to be one possibility. But recently, Nokia announced that it is actually buying the Siemens stake in NSN for $2.2 billion. This is not chump change for Nokia, which has less than 5 billion euros in net cash and has stopped paying a dividend to conserve its cash reserves. A clutch of the world's biggest private equity firms are considering returning a major US pharmaceutical company to the stock market. The private equity owners of Biomet are weighing a relisting of the US maker of artificial hip and knee maker, six years after taking the company private in a 11.4 billion dollar leveraged buyout. A new survey shows that Manufacturing activity grew in June at its slowest pace in eight months as overseas demand dried up and firms took on the fewest new workers in more than three years.

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