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Nokia chooses cash over nostalgia

Wednesday, November 20, 2013 - 00:54

Nov. 20 - Nokia shareholders have approved the 5.4 billion euros ($7.4 billion) sale of the company's mobile phone business to Microsoft, deciding the deal's financial benefits outweighed any objections to the loss of a Finnish national asset. Hayley Platt reports.

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5.4 billion euros is today's daily digit - the amount Nokia has agreed to sell its mobile phone business for. Shareholders approved the sale to Microsoft as expected but not without a few objections. Some were reluctant to wave goodbye to what is Finland's biggest brand - worth, at one time, 4 percent of GDP. The sale is set to boost Nokia's net cash position by 6 billion euros to nearly 8 billion euros. Its shares have already almost doubled since the deal was announced. The stock is now on hold. In less than a decade Nokia has gone from market domination to sell-off, reinventing itself numerous times along the way. Microsoft's purchase will help it expand its empire into consumer devices. But trying to catch up the likes of Apple and Samsung - now the market leaders - will be quite a challenge.

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Nokia chooses cash over nostalgia

Wednesday, November 20, 2013 - 00:54