[November 23, 2009] NokiaSiemens says loses auction for Nortel Networks assets Tweet Nov 23, 2009 (M2 EQUITYBITES via COMTEX) -- 23 November 2009 - Telecoms equipment maker Nokia Siemens Networks confirmed today that it and its financial partner did not offer the highest price for the optical networking and carrier ethernet assets of Canada-based Nortel Networks Corp (OTC: NRTLQ). NokiaSiemens, which is a 50/50 joint venture between Finnish Nokia Oyj (HEL: NOK1V) and German Siemens AG (FRA: SIE), had made an offer for these assets in a three-day bankruptcy court-sanctioned auction that started last Friday. Nortel has been auctioning off assets since January, when it filed for bankruptcy protection. "Nokia Siemens Networks believes that its final offer represented fair value for the assets, and further bidding could not be financially justified," the company said. News agency Reuters said today, citing knowledgeable sources, that the Finnish-German joint venture was trumped in the auction by US sector player Ciena Corp (NASDAQ: CIEN), which will reportedly buy Nortel's assets for USD769m after it made a stalking-horse offer. (EUR1 = USD1.5) Comments on this story may be sent to [email protected] [ Back To TMCnet.com's Homepage ]