There are no active ads.

Nokia Shareholders Greenlight Microsoft Buy, Report Says

by Todd Haselton | November 19, 2013November 19, 2013 8:30 am PST

stephen-elop-nokia-and-steve-ballmer-microsoft

Nokia shareholders have reportedly given a nod of approval to Microsoft’s planned $7.2 billion acquisition of the devices and services division, the Financial Times said on Tuesday. A deal was expected to gain approval today, though neither Microsoft nor Nokia have made the announcement official. The news outlet said that 99.7 percent of Nokia shareholders, or about four fifths of the shares of the company, voted before the official meeting took place.

“The extraordinary meeting is still likely to drag on for many hours as various small Finnish shareholders vent their anger over the deal,” the Financial Times said. Nokia has been a staple corporation in Finland, where it was founded back in 1865 and started out as a company that produced rubber, so it’s natural some local shareholders are frustrated a large chunk of the firm is being sold to an American company. It has since developed into one of the world’s largest technology companies, best known for its smartphones. Microsoft and Nokia have worked closely on Windows Phone, and the acquisition seemed likely even leading into the official announcement.

As we learned in September, Microsoft’s acquisition will move 32,000 Nokia employees under Microsoft’s roof. Meanwhile, Nokia CEO Stephen Elop is stepping down to serve as the head of Microsoft’s devices team. He’s a potential candidate to replace Microsoft’s outgoing CEO Steve Ballmer.

Financial Times

Todd Haselton

Todd Haselton has been writing professionally since 2006 during his undergraduate days at Lehigh University. He started out as an intern with...

Advertisement

Advertisement