Nokia to delist from Frankfurt exchange

Nov 24, 2011 By MATTI HUUHTANEN , Associated Press

Nokia Corp. has applied to delist from the Frankfurt Stock Exchange because of falling trading volumes of its shares, the world's largest mobile phone maker said Thursday.

The announcement came as the Finnish company's stock continues to tumble as it struggles against stiff competition in the top-end smartphone sector and against rivals making cheaper handsets in Asia.

In August, Standard and Poor's downgraded Nokia's credit rating, saying its outlook for the company remained negative. Moody's also downgraded it by two notches in July from A3 to Baa2 due to a "severe weakening" of Nokia's business position.

Nokia said the application was a pragmatic decision in an increasingly Internet-connected world that allows electronic trading from anywhere.

Besides Helsinki, Nokia shares are still traded in New York, but during the last eight years Nokia has delisted from the London, Paris and Stockholm exchanges.

Last month, Nokia launched its long-awaited first Windows cellphones - nine months after it teamed up with . to make smartphones. Standard and Poor's said the partnership "could help Nokia improve the currently weak competitive position of its smartphone portfolio."

Nokia's , which has plunged by 50 percent since the February partnership was announced to below euro4.00, reviving slightly to reach euro5.00 at the end of October.

On Wednesday, Nokia stock was trading up 2 percent at euro4.17 ($5.58) in Helsinki.

Nokia's application to delist from Frankfurt is subject to approval by the management board of the Frankfurt exchange.

The application is not related to Tuesday's announcement that will slash 17,000 jobs - almost one-quarter of its work force - in a move to cut annual costs by euro1 billion ($1.35 billion) by 2013. The company is a joint venture of . and of Germany.

Explore further: EU Parliament votes to break up Google

not rated yet
add to favorites email to friend print save as pdf

Related Stories

Microsoft lower on Nokia report

Jun 01, 2011

Microsoft shares were down nearly two percent on Wall Street on Wednesday amid an unconfirmed report that the US software giant had agreed to purchase Nokia's mobile business for $19 billion.

Nokia Siemens to lay off 17,000 worldwide

Nov 23, 2011

(AP) -- Nokia Siemens Networks is slashing 17,000 jobs worldwide by 2013 - nearly 23 percent of its work force - as it strives to cut costs by euro1 billion ($1.35 billion).

Nokia's market share falls below 30 percent

Apr 21, 2011

Nokia Corp. reported better than expected first-quarter profits Thursday but its global market share dropped to below 30 percent for the first time in over a decade as the world's top cellphone maker continued to lose ground ...

Nokia to ax 220 R&D jobs in Japan

Nov 24, 2009

(AP) -- Nokia Corp. said Tuesday it is axing 220 jobs at research and development units in Japan as the world's largest mobile phone maker continues to cut costs.

Recommended for you

EU Parliament votes to break up Google

Nov 27, 2014

The European Parliament voted overwhelmingly for the break-up of Google Thursday in a largely symbolic vote that nevertheless cast another blow in the four-year standoff between Brussels and the US Internet ...

Toyota finds new air bag issue, recalls more cars

Nov 27, 2014

Toyota Motor Corp. recalled more than 40,000 vehicles in Japan on Thursday as part of a worldwide scare over defective air bags and is investigating a new type of air bag problem that could lead to further recalls.

Netflix sues Yahoo CIO for alleged kickbacks

Nov 26, 2014

Netflix is suing a former company vice president who is now chief information officer at Yahoo, accusing him of receiving money from vendors he hired to work with the video streaming company.

User comments : 0

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.