Nokia Corporation (ADR) (NOK) Is Not Being Acquired By Huawei

Huawei Technology Co Ltd (SHE:002502) clarified that it has no intention to acquire Nokia Corporation (ADR) (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V) in response to a report from the Financial Times that the Chinese telecommunications group is open to a deal with the Finnish smartphone manufacturer.

Nokia Corporation (ADR) (NOK) Is Not Being Acquired By Huawei

Huawei Official: Reject Rumors Of Acquiring Nokia

Bill Plummer, vice president of external affairs of Huawei Technology Co Ltd (SHE:002502) said the company “has no plans to acquire Nokia Corporation (ADR) (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V).”

This hedge fund is so optimistic about COVID-19 that they’re short Clorox [In-Depth]

coronavirusA lot has happened since the coronavirus pandemic began, but aside from the temporary selloff in March, the stock market has continued to hum along as if nothing has been happening. There's no denying that the financial markets have been changed by the pandemic, and investors should be thinking differently when it comes to investing Read More

On Tuesday, the Financial Times based its story from a statement from Richard Yu, head of consumer business at Huawei Technology Co Ltd (SHE:002502) that the Chinese telecommunications group is considering acquisitions.

Yu stated, “We are considering these sorts of acquisitions; maybe the combination has some synergies but depends on the willingness of Nokia Corporation (ADR) (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V). We are open-minded.”

The report also cited comments from people close to Huawei Technologies Co. Ltd (SHE:0025020) that nothing is on the table regarding the issue.

The stock price of Nokia Corporation (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V) surged by as much as 11 percent to $4.12 per share on Tuesday after the media reported Yu’s statement.

In addition, Yu also projected that smartphone manufacturers will merge and the market will eventually be composed of three or four players. Furthermore, he said that the Windows Phone 8 operating system is weak. He said, “Whether Windows Phone [will be] successful is difficult to say – it has a very small market share. [Windows Phones] are weak but still require a license fee. That’s not good. Android is free.”

Meanwhile, Huawei Technology Co Ltd (SHE:002502) revealed its latest premium phone, the Ascend P6. It is the slimmest smartphone available in the market. The device measures 6.18mm, weighs 120g, and sports a sleek metallic body. Ascend P6 is integrated with 1.5 GHz quad core processor, 4.7-inch high definition in-cell display, 5MP front facing camera, and powered by Google Inc’s (NASDAQ:GOOG) Android operating system. The device also features “Magic Touch” for enhanced screen responsiveness.

Yu said, “The Huawei Ascend P6 is a star among smartphones with its industry-leading design, high-quality camera, and intuitive user interface, Huawei’s proprietary Emotion UI, building on the success of our Ascend P series of fashion smartphones, the Huawei Ascend P6 provides unsurpassed technology and a design that is simply stunning.”