Nokia Oyj’s decision to slash more than $1 billion off the value of its telephone-network venture with Siemens AG may signal the partnership is unraveling.
On Thursday, Nokia wrote down its Nokia Siemens Networks stake by 908 million euros $1.35 billion, erasing all the so-called goodwill, the holding’s entire worth beyond the assets. Siemens said last month it will need to take “a very close look” at the valuation of its goodwill, which is about 1.6 billion euros.
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