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Nokia, Siemens bail on effort to sell Nokia Siemens Networks

Nokia and Siemens have given up efforts to sell Nokia Siemens Networks, Reuters reported on Wednesday. The firms had been trying to sell the joint venture, which has had troubles reporting a profit, for the past year. “The timing for selling the unit could hardly have been worse; there are clear signs from companies like LG and ASML of European handset market descending into a slump and selling a mobile network company on the eve of a handset market downturn is a tough challenge,” MKM Partners analyst Tero Kuittinen told Reuters. Reportedly, a Siemens spokesperson also said that the firm was still looking to get out of NSN “sooner than later.” The Nokia Siemens joint venture was formed in 2007.