Samsung Says Speculation It Will Buy Nokia Is Groundless
Samsung Electronics Co., the world’s largest mobile-phone maker, said market speculation that it is interested in acquiring competitor Nokia Oyj (NOK1V) is groundless.
Samsung, based in Suwon, South Korea, made the comment today in an e-mailed statement. Shares of Espoo, Finland-based Nokia fell 0.7 percent to 2.35 euros at 11:27 a.m. Helsinki time, after jumping 6 percent on June 8 amid speculation Samsung is preparing an offer.
Nokia, struggling to recover lost market share, has declined 46 percent in the past year as consumers snapped up Apple Inc. (AAPL) iPhones and Samsung smartphones running on Google Inc.’s Android software. Samsung overtook Nokia in the first quarter as the world’s largest handset maker, according to Gartner Inc.
Samsung also denied it’s interested in Nokia a year ago, responding to reports that it was getting ready to make a bid.
To contact the reporters on this story: Saeromi Shin in Seoul at email@example.com