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Ericsson bids for Nortel mobile division

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Ericsson bids for Nortel mobile division

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Swedish telecom equipment maker Ericsson says it has joined the bidding for Canadian based Nortel’s mobile network division.

Ericsson would not confirm a media report that it is offering 513 million euros. The other bidders are Nokia Siemens Networks and Matlin Patterson Global Advisers. Nortel is under bankruptcy protection after losses of nearly seven billion dollars over two years.