Nokia Shares Surge After Cisco Report
Monday, August 8th 2005, 10:32 am
By: News On 6
HELSINKI, Finland (AP) _ Nokia Corp. shares rose Monday after a report that Cisco Systems Inc. was interested in an acquisition in the wireless market, and the Finnish mobile phone maker might be a target.
Nokia shares were up 1.9 percent at 13.17 euros ($16.31) in early afternoon trading on the Helsinki exchange. Cisco shares rose 6 cents, or 0.3 percent, to $19.36 in morning trading on the Nasdaq Stock Market.
Nokia's gains came after The Business newspaper in Britain reported Sunday that San Jose, Calif.-based Cisco might be considering Nokia as an acquisition target.
The newspaper did not identify its sources, and Nokia declined to comment to The Associated Press on the report. Cisco did not immediately return phone calls seeking comment Monday.
Nokia announced last week that its longtime CEO Jorma Ollila, who steered the company from making consumer electronics and cables to become the world's No. 1 mobile-phone maker, would retire on June 1. He will be succeeded by Olli-Pekka Kallasvuo, the head of its mobile phones unit.
Nokia, based in Espoo, just outside Helsinki, has sales in 130 countries and about 55,500 employees.