The beginning of the week saw an announcement by Nokia Siemens Networks (NSN) that they had lost the bid for Nortel Networks Corp’s optical networking and carrier Ethernet division.

NSN said that they had offered a bid that signified fair value for the division, however it failed to beat a bid put in by Ciena who won the auction. Nortel reportedly said last month that Ciena’s bid would be a stalking horse offer for its assets.