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Cisco Mulls Acquiring Nokia: Report

Cisco Systems is said to be mulling buying Nokia, the world's largest wireless handset maker, according to a report in the U.K.-based Sunday Business newspaper this weekend.

The newspaper reported that Cisco was interested in merging with a wireless infrastructure company, and that "Nokia has been identified as the most likely target."

The newspaper added that because of the fast merging of wired and wireless networks, Cisco has decided it needed to merge with a wireless firm in order to quickly gain technology for building wireless applications.

A Nokia spokesperson told the Reuters news agency that it would not comment on the report.

Cisco has a market capitalization of about $123 billion, while Finland's Nokia has market capitalization is approximately $70.6 billion.