NEW YORK (Dow Jones) – Siemens AG is considering circles According to an initial public offering to phase out the Joint venture Nokia Siemens Networks ( NSN ), which the Munich has often been hail damaged the balance sheet. (Photo : Nokia Siemens Networks)
Some managers of the Mutual Group held the gear on the dance floor for the best option Participation in the joint venture ( JV) with the Finnish sell mobile phone manufacturer Nokia, said the situation with a familiar person. These thoughts are but at a very early Stage. In addition, there are other possibilities that would be examined .
Siemens has in recent months to sell the NSN – share considered, said several informants. The sheer size of the network equipment manufacturer – the now with the acquisition of Motorola assets has not increased – the cumbersome Management structures, the losses would have a significant Exit but made difficult.
Beginning of the year was the Munich technology group also the sale of its share of Nokia tested , it was said by the people. The Finns had no interest in it , however , since it even on a Exit from the network producers were interested.
A Siemens spokesman did not want the information . Comment With a Nokia spokesman pointed to NSN , where you are in comment on the matter also did not want.
Three years ago, Siemens ‘s network business with the united by Nokia , joy , the joint venture has since made But the two mothers barely . NSN , Siemens , the stock of the past Fiscal year 2008/09 (September 30, hail damaged ) than in the fourth Quarter of a non – cash effective NSN loss of EUR 1.96 billion recorded had to be . Of which EUR 1.63 billion was attributable to the depreciation of the NSN involvement was also the JV for a quarterly loss of 328 million EUR accounts.
Siemens saw the problem case to NSN but not yet as done at . The NSN restructuring would the area Equity Investments burden for two years , said the group end the past year.
The recent advance of the two mothers , with the acquisition of Assets to strengthen Motorola ‘s market position NSN was a calculated risk. The goal is , the informed people that NSN business for a possible sale , a spin-off or a IPO more attractive. Earlier in the week had to buy NSN of much of the equipment division for wireless networks of the U.S. mobile phone manufacturer Motorola communicated to 1.2 billion USD in cash shall NSN while on the table.
If there is a corridor on the floor , this would but may not take place until early 2012, said a Informant. First, the Motorola business must be integrated. NSN should also deliver some good quarterly results before it comes to an IPO.
Analysts had responded positively to the deal with Motorola expressed. By purchasing NSN magnify his business, and the greater a company in this industry is , the more the profit can be increased , "said Pierre Ferragu of Sanford C. Bernstein . Moreover, it is NSN is now a stronger candidate for a possible IPO , added Ferragu . Although the course was on the dance floor an option, RW Baird analyst William Power , had NSN deliver still more but , before their an IPO shareholders could realize. prevails in the industry remains a very strong competitive pressure and Nokia Siemens had developed in comparison with Huawei and others not so well explained Power.
Nokia Siemens employs 60,000 people and achieved 2009 turnover of 12 billion EUR. It was an operating loss of 1.6 Billion EUR.
- From The Anupreeta and Gina Chon , The Wall Street Journal,
+49 ( 0 ) 69 29 72 51 10, unternehmen.de @ dowjones.com
(Matthias Karpstein in Munich and Vanessa Fuhrman and
Dana Cimilluca have contributed to the message.)
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