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Nokia Shares Settle After Huawei Comments

Wed, 06/19/2013 - 10:27am
Andrew Berg

Gains in Nokia stock were diminished today after Chinese equipment and cellphone maker Huawei denied reports that it was looking to buy the Finnish OEM. 

A Financial Times report quoted Richard Yu, chairman of Huawei's consumer business group, as saying his company was "considering these sorts of acquisitions; maybe the combination has some synergies but depends on the willingness of Nokia. We are open-minded.”

Yu's comments came ahead of the company's London launch even for its latest flahship smarpthone, the Ascend P6. 

Shares of Nokia yesteday hit a daily high of $4.12, up from an opening of $3.69. By the afternoon, Huawei had refuted the comments, and Nokia shares had settled back down to today's opening price of $3.86. 

Huawei said in an official statement that it "has no plans to acquire Nokia," according to a Reuters report. 

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