Nokia denies Microsoft takeover rumours
Nokia has refuted speculation that it is to be bought by Microsoft, according to reports.
The two companies formed a strategic alliance earlier this year, which kick-started a series of rumours that the partnership would lead to a Microsoft takeover.
The tie-up was made so the companies could pool resources and gave Nokia a timely boost to its smartphone provision, which was waning in the face of stiff competition from Google and Apple.
As part of the deal, Nokia switched from its Symbian operating system to Microsoft’s Window’s Phone 7 operating system for its smartphones.
However, Nokia’s CEO Stephen Elop has reportedly branded speculation of a Microsoft takeover as “baseless”, speaking at US D9 conference.
Last week, Nokia revealed a 15% drop in shares, with the Finnish company admitting it’s unlikely to make a profit this quarter for the first time in nearly a decade.
Nokia’s profit fell 35% quarter on quarter to €704m (£620.8m) during Q1 as it continued to struggle in the smartphone market.
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