| Japan Corporate News Network |
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| Sony-Ericsson Denies Plans for South Korean LG-Nortel |
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Tokyo, Sept 16, 2009 (IRG) - Sony Ericsson denied plans to buy the stake of Canadian telecoms equipment maker Nortel Networks in South Korean LG-Nortel. LG-Nortel was established in November 2005 as a joint venture of Nortel and South Korean LG Electronics. Nortel, which is under bankruptcy protection since February, controls 50 percent plus one share in LG-Nortel.
Sony Ericsson, Franco-US telecoms equipment maker Alcatel-Lucent and a private equity unit of JP Morgan are among the potential buyers of Nortel's stake in the joint entity. Sony Ericsson is a 50/50 joint venture of Sweden's Ericsson and Japan's Sony Corp. The company targeted a 50 percent plus one share in LG-Nortel but it was unsuccessful.
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