Nokia’s stock rebounds on buyout rumour
The Finnish phonemaker’s shares surged 14 percent on Wednesday afternoon on the Helsinki Stock Exchange, bringing the struggling company’s stock price back up to 2.20 euros.
Traders and analysts cited talk that Chinese PC maker Lenovo might have been interested in the struggling Finnish cellphone maker. However Lenovo quashed market speculation that it was interested in buying Nokia.
"This must be a joke," Gianfranco Lanci, who runs Lenovo's operations in Europe, Middle East and Africa told Reuters. "There's nothing ongoing."
Nokia shares have dropped more than 70 percent since it unveiled a strategy shift in February 2011 and the speculations of possible takeover bids have made rounds through the year.
Last week, Nokia announced it was closing its plant in Salo, southwest Finland. Nokia plans to make 3700 workers in Finland redundant by the end of 2013.
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