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Nokia has hit a 13 year low in share value this week as an attempt to sell off part of its joint venture with Siemens, Nokia Siemens Networks (NSN), was abandoned.
Share prices for Nokia fell below four Euros yesterday – the lowest prices since 1998 – as the company sets itself up to push its upcoming Windows phones in Australia.
The phone manufacturer has seen market share in mobile devices dip in the wake of Android and Apple iOS success, but is also suffering in the wireless networking gear market through NSN.
Reuters reports that the number two wireless networking gear maker, which Nokia has a shared stake in, has been struggling to turn a profit since its 2007 formation on the back of price cuts by Chinese competition like Huawei and ZTE and the gear market leader Ericsson.
A recent attempt to sell a minority stake in the joint venture to private equity was dropped, with analysts pointing to the likelihood of an offer being made lower than the Bernstein Research valuation of NSN, sitting at between seven and eight billion Euros.
