Bureau Chief, Helsinki
Ritsuko's Feed
Jan 22, 2014

Steelmaker SSAB to buy Nordic rival Rautaruukki for $1.6 billion

HELSINKI/STOCKHOLM (Reuters) – Swedish steelmaker SSAB (SSABa.ST: Quote, Profile, Research, Stock Buzz) has agreed to buy Finland’s Rautaruukki Corp (RTRKS.HE: Quote, Profile, Research, Stock Buzz) for $1.6 billion as a prolonged downturn in demand forces Europe’s smaller players to cut costs and deal with idle capacity.

After racking up combined losses of more than 400 million euros ($542 million) over the past five quarters, the Nordic rivals sealed a combination that had been discussed on and off for decades but was given greater urgency by the crisis.

Jan 20, 2014

Phone-free Nokia under pressure to boost network sales

HELSINKI (Reuters) – Nokia is expected to show a steep fall in network equipment sales in its results this week, highlighting the challenge facing management after selling its once mighty handset division to Microsoft for 5.4 billion euros ($7.3 billion).

Improved profitability at Nokia Solutions and Networks (NSN) due to cost cutting have helped cushion the company’s declining handset business in recent quarters.

Jan 14, 2014

Helsinki revives Guggenheim aspirations with design competition

HELSINKI (Reuters) – Finland has revived plans for a new Guggenheim museum on the Helsinki waterfront, raising chances for the capital to exploit the Guggenheim brand and join the big league of art destinations such as New York and Bilbao.

Helsinki’s city board decided on Monday to let the Solomon R. Guggenheim Museum and Foundation hold an architectural competition for a new museum, although it has yet to overturn an earlier vote against the project.

Dec 22, 2013

Finnish city Oulu sees light at end of Nokia tunnel

OULU, Finland, Dec 22 (Reuters) – From early December, the
Finnish city of Oulu is trapped in darkness for all but a few
murky midday hours, a darkness some feared might be matched by
its economic prospects after big local employer Nokia
hit the skids.

Oulu, with a population of about a quarter million, was once
a key Nokia R&D site, before the mobile maker was left for dead
in the global smartphone race by Apple’s iPhone and
handsets running Google’s Android software.

Dec 17, 2013

Talvivaara wins court backing to renegotiate debt

HELSINKI, Dec 17 (Reuters) – Struggling Finnish nickel miner
Talvivaara has won court approval to renegotiate its
debt, allowing the company to continue production and avoid the
immediate risk of bankruptcy.

While the news sent its shares up almost 20 percent on
Tuesday, analysts said the firm’s future was still in doubt due
to hefty liabilities, uncertainty over talks with creditors and
production problems at its only mine in Sotkamo, north Finland.

Dec 12, 2013

India to allow Nokia to transfer Chennai factory to Microsoft

NEW DELHI/HELSINKI, Dec 12 (Reuters) – Nokia has
won an appeal to release a local factory seized by authorities
in a tax dispute, allowing the transfer of the plant as part of
the sale of its mobile phone business to Microsoft.

The plant in the southern city of Chennai is one of Nokia’s
biggest phone-making factories. Nokia had appealed
its seizure and was trying to resolve the dispute ahead of the
closure of the 5.4 billion euro ($7.4 billion) Microsoft deal.

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.