Both Siemens and Nokia have considered in recent months selling their stakes in the network equipment joint venture Nokia Siemens Networks, the Wall Street Journal reported, citing people familiar with the matter. However, NSN's large size, unwieldy management structure and substantial losses has made it difficult for either company to leave. The takeover of Motorola's networks business, agreed this week, is an effort to make the business a more attractive candidate for a future sale, spin-off or public offering, the paper's sources said. Siemens is said to have wanted to get out of NSN since late 2009, and would do so if an option presented itself before the agreement with Nokia ends in 2013. Earlier this year, Siemens informally explored selling its stake to Nokia or another credible buyer, the paper said. There were no takers. Nokia isn't interested in buying Siemens' 50 percent stake because it, too, wants to exit the venture. There are few, if any, private-equity firms able to take it over, given NSN's size, large German work force and base of important customers. Siemens executive have considered an IPO to exit the company, but this is only one of several options and likely wouldn't be possible until 2012 at the earliest.
