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Technology / Software

Nokia rubbishes Microsoft takeover rumours

Nokia CEO Stephen Elop has rubbished reports that Microsoft had struck a deal to buy the Finnish company.

Elop said the reports are "baseless".

"There are absolutely no discussions." Elop said.

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"The rumours are baseless."

Earlier there were reports in the tech world that Microsoft has signed a deal to buy Nokia’s mobile phone business for $19bn.

Last month, there were rumours that the next acquisition of IT company Microsoft will be of Finnish phone maker Nokia.

Russian blogger Eldar Murtazin, with inside sources, had written that Microsoft may buy Nokia and that both the companies were in a great hurry.

Murtazin had earlier predicted that Nokia would dump its OS for mobile phones ‘Symbian’, which turned out to be true. In July 2010, he was sued by Nokia for possessing Nokia’s "property".

After dipping sales and revenues last year and facing intense competition from Apple and Asian companies in the mobile market, Nokia had announced drastic changes in the company policies.

Nokia CEO and former Microsoft employee Stephen Elop had issued a memo in February which stated that Nokia is "standing on a burning platform."

It is also notable that while Microsoft has about $32.6bn in tangible assets, Nokia’s entire market cap is $32bn.
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CBR Staff Writer

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