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Nortel IPO still on hold
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June 4, 2001: 1:23 p.m. ET
Telecom equipment maker to look at plans in 6 months, still considering IPO
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NEW YORK (CNNfn) - Nortel Networks Corp. will look at options for a public offering of its lucrative fiber optics division at the end of year, a spokesman told CNNfn.com.
Brampton, Ontario-based Nortel (NT: up $0.37 to $13.78, Research, Estimates) never publicly set a timeline for the offering, but such an offering was expected to take place this summer. The high-tech company has no plans for an IPO right now, or in the near future, but is still considering an IPO for the unit.
"An IPO is one of the options we are considering and at the top of the list," said spokesman David Chamberlin.
In March, CNNfn.com reported that Nortel had delayed the offering of its fiber-optic component business. At that time, the world's top supplier of telecommunications equipment said it could launch the IPO sometime at the end of this year.
Nortel on Monday declined to comment on whether it would float an offering before the end of the year but will evaluate its plans in six months.
"Given the current market conditions we wouldn't be doing an IPO right now," Chamberlin said.
The company has also still to decide whether to float the new issue in the United States, in Canada, or both, Chamberlin said.
The Nortel IPO of the fiber optics division would follow the $3.6 billion offering from Agere Systems Inc. in March. Allentown, Pa.-based Agere (AGR.A: Research, Estimates) designs and makes optoelectronic components for communications networks and integrated circuits for computer equipment, and is a leader in sales of communications semiconductors. 
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