Nokia Jumps Following Report of Takeover Defense

Shares of Nokia (NOK) are on the rise on Thursday after TMT Finance reported that the company was working with an investment bank to defend itself from a hostile takeover. HOSTILE TAKEOVER BID: According to a report by online newspaper TMT Finance, Nokia is working to defend itself from a hostile takeover bid for parts or all of its business.

The company has hired Citi (C) and a deal could be worth $17.4B, TMT Finance said, according to Bloomberg’s account of the report. Possible interested parties include KKR (KKR), Apollo (APO), and Blackstone (BX), Bloomberg said the site reported. Nokia told Bloomberg by phone that the company does not comment on “market speculation.”


Back 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 told Reuters at the time there was “no truth to the report,” according to the latter. PRICE ACTION: In afternoon trading, shares of Nokia have gained over 6% to $3.42.