Nokia bids low for Nortel
The Canadian telecom giant has laid its optical networking and carrier Ethernet business for Dutch auction. Nortel has been selling its business to forfeit its creditors followed by a huge loss in last year. It also gained a insolvency fortification in the US and Canada in January.
But it was expected that Nokia with its financial partner will bid high for Nortel’s next-generation wireless business but in vain, Nokia Siemens conluded that its final offer represented fair value for the assets, and further bidding could not be financially justified.