Good News from Fri, 30 September, 2011:

Public listing on cards for Nokia Siemens Networks

Nokia and Siemens are pumping one billion euros to their jointly owned company. Nokia and Siemens are pumping one billion euros to their jointly owned company.
The mobile network vendor Nokia Siemens Networks might be listed publicly. According to Dow Jones Newswire, the company is considering the Initial Public Offering (IPO). On Thursday, Jesper Ovesen was named as the company’s new chairman replacing Olli-Pekka Kallasvuo.

According to Nokia press release, Ovesen has held a number of senior management positions in leading European companies, including serving most recently as CFO at Danish telecommunications group TDC during the company's restructuring process and IPO.

-    With a strong track record in change management, Jesper is an excellent addition to the Nokia Siemens Networks team. As Executive Chairman, he will also be responsible for strategy oversight as Nokia Siemens Networks transitions towards a strong standalone entity, said Nokia CEO Stephen Elop and Siemens CFO Joe Kaeser.

The Dow Jones Newswire quotes Nokia spokesman James Etheridge saying that the new chairman’s mission is to first improve the financial situation of Nokia Siemens Networks, but he also hinted that the public offering is an option for the company.

-    However, the first priority for the chairman and the chief executive of NSN is to improve the company's competitiveness and profitability, said Etheridge to Dow Jones Newswire.

Nokia and Siemens also agreed to inject EUR1 billion to their joint venture.

www.onlinewsj.com
www.nokia.com