Nokia Siemens Joins Auction for Nortel Assets
According to the Associated Press, Nokia Siemens Networks is bidding against Ciena for some of insolvent Nortel's networking assets. Ciena placed a "stalking horse" bid of $521 million for Nortel's optical networking and carrier ethernet businesses. Nokia Siemens Networks has entered a bid for the assets, but the amount of that bid was not disclosed. The auction is being held today, and the winner will still need to gain regulatory approval to complete any asset acquisitions.