Nokia shares surge on rumors of opposed takeover

Nokia’s stock jumped roughly 12% Thursday after a document indicated the firm changed into once making ready to protect itself against a opposed takeover.

Nokia declined to say, in response to Reuters.

The document, from TMT Finance, indicated Nokia had employed funding banking company Citi to counter a transaction that would additionally very successfully be price as worthy as $17.4 billion. The document did now not point out the provision of the takeover proposal.

The latest document follows a February document by Bloomberg that Nokia changed into once exploring strategic alternatives, including that you just are going to believe asset gross sales or mergers. Nokia has said that document changed into once no longer upright.

Nokia is undoubtedly in a tenuous online page online. It has struggled to fend off assaults on its 5G industry by Ericsson and Huawei, and the firm said in March that CEO Rajeev Suri would leave.

Nokia eradicated roughly 5,000 jobs within the midst of 2019.

— Mike Dano, Editorial Director, 5G & Cell Strategies, Mild Reading | @mikeddano

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