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Nokia in talks to sell German automotive unit

Faced with sharp criticism over planned layoffs in Germany, Nokia Corp. said Monday it’s in talks to sell a division that makes automotive electronics reports Marketwatch.

Nokia said it’s in talks to sell the business to Razvan Olosu, the former head of its enhancements units, and Equity Partners GmbH, a Dusseldorf-based private-equity firm. “We are happy to negotiate ... about selling our automotive business to them,” Nokia said. “If successful, this deal will enable employment for the affected employees.” Olosu said if he buys the operation, he will strengthen its operations in Germany and in the US. Nokia said a deal could close during the H1 of 2008. (Marketwatch)