Conglomerate is not a Keiretsu and a keiretsu is not a conglomerate. Keiretsu is cross-ownership of shares centered around a bank.

If you absolutely must use a Japanese term, go with Zaibatsu.

http://en.wikipedia.org/wiki/Keiretsu http://en.wikipedia.org/wiki/Zaibatsu

Ownership of big Finnish companies formed Keiretsu type arrangement until the beginning of the 80's. Finland had two big banks, SYP and KOP, and they formed two camps that cross owned large sectors of Finnish business.

Nokia was mostly in the SYP camp. SYP owned directly 20% of Nokia and even more trough it's insurance companies and other investors.

That they're spun off is probably a good thing. Nokian tires are basically the best winter tires around. It's gone so far that consumer tests are superfluous. Nokian winter tires and Continental summer tires are the be-all, end-all of tires. Why the hell do I know this? I don't even own a car...