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Nokia Shareholders Approve Microsoft Deal

Tue, 11/19/2013 - 8:02am
Matti Huuhtanen, Associated Press

HELSINKI (AP) -- Nokia shareholders have overwhelmingly approved the sale of the ailing cellphone division and a portfolio of patents and services to Microsoft Corp. for 5.4 billion euros ($7.2 billion).

The vote came at an extraordinary meeting of shareholders on Tuesday called by the Finnish phone maker that has seen its global market share shrink as it battles stiff competition from Apple and Google Inc. in the lucrative smartphone trade.

The planned sale to Microsoft is expected to be completed in early 2014

The approval, representing 99.5 percent of shares owned by 3,900 voters at the meeting, had been widely expected as Nokia's stock price has more than doubled since the September announcement of the impending deal.

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