Cisco head woos Nortel for tie-up

TORONTO, June 17 (UPI) -- The head of Cisco Systems said Thursday he would like to join forces with telecommunications group Nortel Networks.

"I believe in strategic partnerships. I would love to have Nortel as a partner," said Cisco's chief executive John Chambers at a conference in Toronto.

But the head of the California-based router maker also suggested Cisco would not be interested in buying out the Canadian telecom company.

"I don't know how to do large acquisitions," Chambers said, even though he added "never say never."

Nortel has financial difficulties and the company said earlier this week that it will have to restate its earnings results for the 2001 to 2003 period for the second time.