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Lenovo calls rumor about purchase of Nokia "a joke"; Nokia execs buy 1 million shares

Posted: , by Alan F.

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Lenovo calls rumor about purchase of Nokia
Nokia has been the subject of takeover rumors ever since the stock started sliding more than 4 years ago. Recently, the shares slid to a 52 week low of $1.63 before rebounding sharply back over $2.60. Samsung and Microsoft were the two names most associated with the rumor with the latter company the most logical fit because of Nokia's deal with Microsoft for the use of Windows Phone. The latest rumor has Chinese computer manufacturer Lenovo buying Nokia. Lenovo has a much smaller footprint in the smartphone business than Nokia. In fact, when word of the rumor reached Gianfranco Lanci who runs the company's operations in Europe, Middle East and Africa, he called it a joke and said nothing was happening with Nokia

"The purchases underscore the board and our leaders commitment to Nokia and confidence in our future.,"- Susan Sheehan, Nokia spokeswoman via email to the WSJ
. Meanwhile, Nokia executives were digging into their wallets to buy more shares of the stock, believing it to be cheap at current prices. Executives of the Finnish based handset manufacturer bought 1 million shares. CEO Stephen Elop purchased 275,000 Nokia shares to bring his cumulative total to 425,000. New chairman Risto Siilasmaa, purchased 333,000 shares while five other executives also bought the stock. The transactions were done last week when Nokia traded between 1.40 to 1.74 EUR ($1.72 to $2.14 USD).

The combination of the Lenovo rumor and the executives stock purchases have Nokia shares up over 8% on Wednesday to $2.61 in NYSE trading. The stock has been strong recently, rising 61% in the last few weeks alone.

source: Reuters, WSJ

Nokia's stock has been red hot over the last 5 trading days

Nokia's stock has been red hot over the last 5 trading days

  • Options

posted on 01 Aug 2012, 09:15 8

1. wendygarett (unregistered)


posted on 01 Aug 2012, 09:59 4

2. plgladio (Posts: 314; Member since: 05 Dec 2011)

No need to kick him out, if any company buy Nokia he will automatically leave the organisation. Same happened for Motorola CEO Sanjay

posted on 01 Aug 2012, 19:51 1

7. Glim12808 (Posts: 394; Member since: 26 Oct 2011)

LOL! Not gonna happen. If there is any buying at all, it will be MS doing it. Elop will be even more entrenched in an MS owned Nokia!

posted on 01 Aug 2012, 10:19 4

3. snowgator (Posts: 3604; Member since: 19 Jan 2011)

Still willing to bet on Nokia being a profitable, independent company in two years.

On the putting the money where my mouth is concerned, I have been discussing freeing up some cash with my Boss (some men call them their wife, I know better) to invest a little, and guess which stock I am thinking of buying?

posted on 01 Aug 2012, 10:39 4

4. 7thspaceman (Posts: 1580; Member since: 14 Feb 2011)

I predict Nokia will survive as a company against all ODDS because Microsoft will lend them what money is necessary to continue business Operations and the design and Manufacturing of "Windows smart Phones" Nokia and Microsoft have what may be liken to a common law marriage in the end they will support one another. I predict Microsoft will however buy "Rim" to get hold of it's Patent's customers, and "Brand Name" a Microsoft and Rim marriage will happen I predict by November.

posted on 01 Aug 2012, 10:46 1

5. snowgator (Posts: 3604; Member since: 19 Jan 2011)

I agree on the first part. (kinda chuckled on the "common law marriage" line. Great analogy!!)

The second part? That is a steep purchase, even for a company with as deep as pockets as MS. BlackBerry is still a valued company with deep cash reserves and enough profit rolling in to be able to buy it's own stock and make any purchase really, really hard.

posted on 01 Aug 2012, 22:35

8. pikapowerize (banned) (Posts: 1869; Member since: 03 May 2012)

i dont agree at the RIM buy out part... WP is a great OS especially WP8.... already on the ICS level....

RIM is not gonna be bought by MS.... maybe amazon since they are pushing to smartphone and tablet market now, but MS, no... BIG NO!!!!

i just dont like that MS will buy a hardware company since the other manufacturers wont be so happy if MS has its own manufacturer now...

if they will buy nokia.. only few manufacturer will support windows 8 and windows phone 8... samsung, asus, sony, lenovo and others will just join the linux (ubuntu and android) party if that will ever happen...

i just wish nokia will kick the freaking moron e(F)Lop and correct what needs to be corrected... make there own OS(another linux mix with symbian, since meego has its new home now, JOLLA) will be a hit!!!!

posted on 01 Aug 2012, 12:26 3

6. tluv00 (Posts: 134; Member since: 18 Oct 2007)

Drive down your own stock prices, buy them on the cheap then actually start innovating and coming out with great devices and then stock rebounds and you make millions. Sounds like this was Elop's plan from the get.

posted on 02 Aug 2012, 00:41

9. ChiX017 (Posts: 308; Member since: 09 Nov 2011)

Finally some good news!

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