FILE PHOTO: The logo of Nokia is seen before the company’s news conference in Espoo, Finland March 2, 2020. Lehtikuva/Markku Ulander via REUTERS
(Reuters) – Nokia (NOKIA.HE) declined to comment on Thursday on a media report saying it was working with an investment bank to defend itself from a hostile takeover, news which sent its shares sharply higher.
“Nokia does not comment on market rumours,” said a spokesman for the company.
Earlier on Thursday shares in Nokia surged 12.5%, with traders pointing to a report by online newspaper TMT Finance that said the group was working to defend itself from a hostile takeover bid for parts or all of its business.
The TMT Finance report said Nokia had hired Citi, a regular investment banking partner of the Finnish firm, for the deal which could be worth $17.4 billion.
In February Bloomberg reported Nokia was exploring strategic options and was working with advisers to consider potential asset sales and mergers, but a source close to Nokia…
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