Microsoft-Nokia deal tipped to get shareholder nod

Vote scheduled for 12pm GMT; few dissenters expected

Tags: FinlandMergers and acquisitionsMicrosoft CorporationNokia CorporationUSA
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Microsoft-Nokia deal tipped to get shareholder nod Ex-Nokia chairman Stephen Elop, who stepped when the sale was announced, is slated to head the new division when it is absorbed into Microsoft’s own devices unit. (Getty Images)
By  Stephen McBride Published  November 19, 2013

Microsoft Corp's acquisition of Nokia's devices unit is expected to pass a shareholder vote later today, according to a report from Reuters.

The $7.36bn sale is opposed by a minority who are not eager to see a national treasure in the hands of a foreign buyer, but if the transaction were successful Nokia's cash reserves could soar to EUR8bn in the first quarter of the new year, from EUR2bn in Q3.

Nokia Services and Networks (NSN) will continue to operate in the telecom equipment sales sector and is projected to account for 90% of group sales.

Stephen Elop, who stepped down as Nokia chairman after the sale was announced, is slated to head the new division when it is absorbed into Microsoft's own devices unit, which also includes the Xbox gaming console and the Surface tablet in its portfolio. However, Elop has recently been named as a shortlisted candidate for the role of Microsoft CEO.

Elop has been called a "Trojan horse" by Finnish media, in reference to his past employment as a senior executive at Microsoft. But by the time he was recruited in 2010, Nokia's late move into smartphones may have rendered it incapable of recovery, despite Elop's departure from the Symbian OS and his decision to adopt Windows Phone for subsequent handsets.

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