Nokia shares skyrocket 12.5% on reports of a hostile $17.4 billion takeover bid



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Nokia shares skyrocket 12.5% on reports of a hostile $17.4 billion takeover bid

On Thursday, the 16th of April 2020, Helsinki-listed shares’ prices of the long-adored Finnish multinational telecommunication company, Nokia Corp., headquartered in Espoo, Finland, had surged to an intra-session high of as much as 12 per cent following release of a London-based Newspaper TMT Finance’s report that the Finnish telecommunication conglomerate, which had been struggling to grapple with a strident battle against China’s Huawei and Swedish Ericson over fifth-generation network development, had been working closely with an investment bank in order to defend itself from a hostile takeover bid, though the identity of the potential bidders for Nokia Corp.’s all parts of businesses had yet to be unveiled, said the TMT Finances.

Nonetheless, followed by the reveal of TMT Finance’s Thursday’s (April 16th) report, Nokia Corp. had declined to comment over the issue, while a spokesman for the company was quoted saying at the later part of the day “Nokia does not comment on market rumours.

” However, aside from the hostile takeover bids for all parts of Nokia Corp.’s businesses, the London-based TMT Finance report had also added that the Nokia Corp. had hired one of its regular investment banking partner Citi, in order to deal with a hostile takeover bid that valued the company to at least $17.4 billion.

Meanwhile, after spiking as much as 12.5 per cent followed by the release of TMT Finances report, Helsinki-listed shares’ prices of Nokia Corp. had wrapped up the day 7.47 per cent higher to €3.15 per share.