KKR and TPG have withdrawn their bids for a majority stake in Nokia Siemens Networks (NSN), Financial Times reports. The move comes as the U.S. private equity firms failed to agree both on price and the level of control over the company. Gores Group and Platinum Equity are still in talks to buy a NSN stake. Nokia and Siemens may consider an initial public offering for the business after the joint venture agreement comes to an end in 2013.
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