Hedge fund investor Loeb takes stake in Nokia

Wednesday 23 October 2013 | 10:53 CET | News
Hedge fund investor Daniel Loeb has acquired a stake in Nokia and said he sees good prospects for the company after the planned sale of its handset activities to Microsoft. Loeb said in a letter to investors in his Third Point hedge fund that he expected Nokia to distribute a "meaningful portion" of the handset business sale proceeds "in coming quarters", the Financial Times reports. He did not reveal the size of the stake that Third Point has taken in Nokia. Nokia is expected to have close to EUR 8 billion in net cash after it completes the EUR 5.4 billion sale to Microsoft.

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Categories: Mobile & Wireless
Companies: Microsoft / Nokia
Countries: World
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