Bureau Chief, Helsinki
Ritsuko's Feed
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.

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.