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Nov 21, 2013

Nokia asks Delhi High Court to release factory seized in tax dispute

HELSINKI (Reuters) – Nokia(NOK1V.HE: Quote, Profile, Research) has asked the Delhi High Court to help release its Indian factory after its seizure by the local tax authorities, the Finnish firm said on Thursday as it seeks to resolve the tax dispute ahead of the sale of its mobile phone business to Microsoft (MSFT.O: Quote, Profile, Research).

Nokia said it did not expect the dispute to affect its 5.4 billion euros deal with Microsoft, although it was prepared for the possibility that the Chennai plant, one of its biggest phone-making factories, will not be transferred to the U.S. company in time for the sale, which is due to close in the first quarter of next year.

Nov 21, 2013

Nokia asks Indian court to release factory seized in tax dispute

HELSINKI (Reuters) – Nokia has asked the Delhi High Court to help release its Indian factory after its seizure by the local tax authorities, the Finnish firm said on Thursday as it seeks to resolve the tax dispute ahead of the sale of its mobile phone business to Microsoft.

Nokia said it did not expect the dispute to affect its 5.4 billion euros ($7.3 billion) deal with Microsoft, although it was prepared for the possibility that the Chennai plant, one of its biggest phone-making factories, will not be transferred to the U.S. company in time for the sale, which is due to close in the first quarter of next year.

Nov 19, 2013

Nokia shareholders approve sale of mobile business to Microsoft

HELSINKI, Nov 19 (Reuters) – Nokia shareholders
approved the 5.4 billion euros ($7.4 billion) sale of the
company’s mobile phone business to Microsoft, deciding
the deal’s financial benefits outweighed any objections to the
loss of a Finnish national asset.

Investors holding more than 99 percent of Nokia voting
rights supported the deal, according to a final tally at
Tuesday’s shareholders meeting in Helsinki. The sale is expected
to close in the first quarter of next year after regulatory
clearances.

Nov 19, 2013

Nokia shareholders expected to approve Microsoft deal

HELSINKI (Reuters) – Nokia shareholders are expected to approve the sale of its mobile phone business to Microsoft on Tuesday, with the deal’s financial benefits likely to outweigh resistance from a minority of investors upset over the sale of a Finnish national icon.

Nokia agreed in September to sell its devices and services business and license its patents to Microsoft for 5.44 billion euros ($7.36 billion) after failing to recover from a late start in smartphones.

Nov 15, 2013

Talvivaara seeks court-supervised overhaul as fundraising flounders

HELSINKI/LONDON (Reuters) – Finnish miner Talvivaara (TLV1V.HE: Quote, Profile, Research) (TALV.L: Quote, Profile, Research), hurt by falling nickel prices and production problems, said it would seek a court-supervised overhaul after failing to raise funds and might face bankruptcy if the reorganisation failed.

Friday’s announcement, which sent Talvivaara shares down 43 percent to a record low, was made after the group failed to raise more cash from investors including Finnish state investment fund Solidium, which decided additional investment was not viable.

Nov 15, 2013

Talvivaara seeks court-supervised overhaul to avoid bankruptcy

HELSINKI/LONDON, Nov 15 (Reuters) – Loss-making Finnish
miner Talvivaara , battered by falling nickel
prices and a slew of production problems, said it would file for
a court-supervised overhaul without which it risked bankruptcy.

Friday’s announcement, which sent Talvivaara shares down
more than 40 percent to a record low, came after the group
failed to raise more cash from investors including Finnish state
investment fund Solidium, which decided additional investment
was unviable.

Nov 13, 2013

Nokia’s networks chief embarks on new expansion drive

HELSINKI (Reuters) – Nokia’s telecoms equipment unit, NSN, is focusing on expanding sales after years of concentrating on cost cutting and ditching unprofitable contracts to improve margins, its chief executive said on Wednesday.

Nokia Solutions and Networks (NSN) CEO Rajeev Suri, considered a leading candidate to head the Finnish company after it sells its loss-making handset business to Microsoft, did not rule out acquisitions to expand the business.

Nov 7, 2013

Finnish nickel miner Talvivaara faces bankruptcy threat

HELSINKI, Nov 7 (Reuters) – Loss-making Finnish nickel miner
Talvivaara said it was in advanced rescue talks with
the government on Thursday and warned it could face bankruptcy
if negotiations failed.

The government, which is the company’s largest shareholder,
said it wanted private investors to contribute to any financial
support and there was no certainty a solution would be found.

Nov 4, 2013

Google lifts post-Nokia hopes with Finnish data centre investment

HAMINA, Finland (Reuters) – Google will invest another 450 million euros ($607 million) over the next few years in a data center in Finland, boosting a country struggling with Nokia’s decline and weakness in its paper and steel industries.

Prime Minister Jyrki Katainen welcomed the move, one of the biggest foreign direct investments in Finland, and said the government planned to reduce electricity taxes for data centers to encourage more such stakes.

Nov 1, 2013

Loss-making Outokumpu reluctantly selling Terni as steel slumps

HELSINKI, Nov 1 (Reuters) – Finnish stainless steel maker
Outokumpu reported bigger than expected losses on
Friday and said it will have to sell its Terni plant in Italy
after failing to persuade European regulators otherwise.

Outokumpu had agreed to sell Terni to get regulatory
approval to buy ThyssenKrupp’s unit Inoxum but
analysts say a subsequent slump in global steel demand means a
sale may well yield a fraction of Terni’s original value.