How Will Nokia Deal With This MAJOR Rejection?
Nokia (NYSE:NOK) shares have fallen over 3 percent in morning market trading to $2.91 after Samsung denied it was interested in acquiring the Finnish mobile phone company. Nokia has lost its status of the world’s biggest phone seller as it struggles to match up to the smartphone success wave of Apple’s (NASDAQ:AAPL) iPhone and Google (NASDAQ:GOOG) Android phones. It has declined 46 percent in the past year, but shares had risen 6 percent on Friday on speculation of a possible buyout offer. However, on Monday, Samsung, which has taken over the title of the world’s largest mobile-phone maker, said the buyout talk was groundless.
“Such reports are purely speculative and are not true,” the Korean company said in a statement.
Nokia recently partnered with Microsoft (NASDAQ:MSFT) on its Lumia smartphone, letting go of its in-house Symbian software and running it on the Windows Phone platform instead. According to The Next Web’s Robin Wauters, the deal would not have made much sense for Samsung, which would have been forced to end its current partnership with Google in using its Android OS. Samsung sold 45 million Android smartphones in the first quarter of 2012.
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