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

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

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

by Wochit 1:02 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. Stock futures rose, indicating a rebound from the previous session's decline and that equities would start the second half of the year by building on the strongest first half of any year since 1998. 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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