The Federal Trade Commission has approved a Nokia Siemens bid for a portion of Canada's bankrupt Nortel Networks. Nortel had said Nokia Siemens Networks -- a joint venture of Nokia and Siemens -- would offer $650 million for Nortel's CDMA and LTE wireless technology businesses and act as the "stalking horse bidder." In a bankruptcy auction a "stalking horse" typically sets the floor for bidding, and makes the lead bid at the bankruptcy auction. Nokia Siemens will have the right to match any higher offers.
