Nokia Siemens looking to buy stake in Nortel: report

Nokia Siemens Networks has offered to acquire parts of Canada-based Nortel Networks Corp, which will help in increasing its presence in the American market, says a media report.

"Nokia Siemens Networks, seeking a bigger foothold in the US market, has offered to buy large pieces of Nortel Networks Corp, including much of its profitable carrier networks unit and a research unit developing a next-generation wireless technology," The Wall Street Journal has reported quoting people familiar with the matter.

Both Nokia Siemens and Nortel are telecommunication solutions provider.

The report published online said Nortel, whose bankruptcy adviser is Lazard Freres & Co, is moving quickly to sell its major assets while under protection from creditors.

However, last month, the firm said it was "in the process of stabilising our business to maximise the chances of preserving all or a portion of the enterprise and evaluating our various operations to determine how to narrow our strategic focus in an effective and timely manner", it added.

Nokia Siemens is a joint venture between Nokia Corp and Siemens AG.