Takeover Rumors Send Shares of Nokia Soaring

Shares of Nokia were soaring 12.5% on Thursday as rumors surfaced that the company was working with an investment bank to defend itself from a hostile takeover.

TMT Finance reported that the group was working to defend itself from a hostile takeover bid for parts or all of its business.

According to the report, Nokia had hired Citi, a regular investment banking partner of the Finnish firm, for the deal which could be worth $17.4 billion.

It was back in February that Bloomberg reported Nokia was exploring strategic options and that the company was working with advisers to consider potential asset sales and mergers. At the time a source close to Nokia told Reuters there was no “no truth to the report”.

“Nokia does not comment on market rumours,” said a spokesman for the company.