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Nokia shareholders embrace $7.2B Microsoft deal

Nokia shareholders embrace $7.2B Microsoft deal

A2 Film Studies Coursework Help Shareholders of the phonemaker Nokia have agreed to sell their mobile phone business to technology giant Microsoft for 5.4bn euros ($7.2 bn; £4.5bn).

The deal goes ahead despite objections from some investors who opposed the sale of a Finnish asset. Regulators must clear the sale, but is expected to close early next year.

In September, Microsoft agreed to buy the mobile phone business and licence patents from Nokia. Tuesday’s deal was approved by 99.5% of Nokia’s 3,900 investors at a meeting for shareholders in the Finnish capital of Helsinki.

Nokia has seen its share of the smartphone market shrink as competitors such as Apple and Samsung have risen in popularity.

When the sale was first announced, Nokia said it would also make changes to its leadership.

Stephen Elop, the former president chief executive of Nokia Corporation, was to step down and resign from the company’s board under the terms of the deal. He is due to move over to Microsoft when the sale is completed.

Mr Elop left Microsoft to join Nokia in 2010, and has been cited by some as one of the frontrunners to replace Microsoft’s outgoing chief executive Steve Ballmer.

Mr Ballmer is expected to leave the company in 2014.

Source: BBC News (Tech)

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