HELSINKI Shares in Nokia NOK1V.HE surged 11 percent on Wednesday in heavy volumes, with traders and analysts citing talk that Chinese PC maker Lenovo (0992.HK) may be interested in the struggling Finnish cellphone maker.
Nokia declined to comment. Lenovo was not immediately available for comment.
Nokia shares have dropped more than 70 percent since it unveiled a strategy shift in February 2011 and the speculations of possible takeover bids have made rounds through the year.
Volumes in Nokia were at nearly double the 90-day daily average by 0925 GMT, against just 25 percent traded on the pan-European FTSEurorfirst index .FTEU3, which was up 0.2 percent.
"It's the Lenovo rumor," said one analyst, who wished to remain anonymous.
(Reporting By Tarmo Virki; Editing by Toni Vorobyova)