Reuters logo
Third Point picks up stake in Nokia
October 22, 2013 / 3:04 PM / in 4 years

Third Point picks up stake in Nokia

(Reuters) - Activist investor Daniel Loeb’s Third Point LLC said it took a stake in Nokia Oyj NOK1V.HE (NOK.N) late in the third quarter ended September 30.

Third Point said it “seized an opportunity to create new Nokia at a substantial discount to target value”, following the Finnish phonemaker’s decision to sell its devices and services business to Microsoft Corp (MSFT.O).

"The company will have approximately 8 billion euros ($11 billion) cash when the transaction closes, and we expect a meaningful portion of the excess will be distributed to shareholders in coming quarters," Third Point said in its quarterly investor letter. (link.reuters.com/xar93v)

Nokia shares were up 1.4 percent at $7.25 on the New York Stock Exchange on Tuesday.

Reporting by Sruthi Ramakrishnan in Bangalore; Editing by Maju Samuel

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below