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Samsung Shoots Down Nokia Purchase Rumors

Nokia shares fall after Samsung calls reports of a bid groundless

Samsung issued a statement today rejecting rumors that it had made an offer for Finnish cell-phone maker Nokia (NYSE:NOK). The South Korean electronics conglomerate said that reports of an acquisition were “not true.”

Nokia shares fell more than 5% in early Monday trading in New York.

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Various media sources had reported that Samsung had made a $19 billion bid for Nokia over the weekend. That followed similar rumors last year, which Samsung also denied, the Financial News noted. That would have exceeded the $12.5 billion paid by Google (NASDAQ:GOOG) for Motorola Mobility.

Earlier rumors about a potential Microsoft (NASDAQ:MSFT) acquisition of Nokia also proved untrue.

Purchasing Nokia would give Samsung almost half of the worldwide cell-phone market, though regulators in Europe, North America and Asia are unlikely to approve such a merger. Nokia, which was once the world’s leading cell-phone manufacturer, has struggled in recent years after failing to adapt to the emerging smartphone market.

In April, Samsung reported record quarterly results, driven by soaring sales of the company’s smartphones.

Article printed from InvestorPlace Media, https://investorplace.com/2012/06/samsung-shoots-down-nokia-purchase-rumors/.

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