Nokia delays Siemens JV over corruption probe

Nokia announced today that it would hold off on merging its telecom equipment assets with Siemens because of the rising fallout from the corruption probe at Siemens. The companies said they plan to close the deal in the first quarter of 2007 instead of the first day of the new year, as originally planned. The merged entity, a 50-50 JV called Nokia Siemens Networks would create a company with $21 billion in annual revenue. That puts it third behind Alcatel-Lucent and Ericsson.

For more on the delayed Nokia merger with Siemens:
- read this WSJ article (sub. req.)