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Name | Symbol | Market | Type |
---|---|---|---|
Nokia Corp | NYSE:NOK | NYSE | Depository Receipt |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.02 | 0.54% | 3.69 | 3.73 | 3.6801 | 3.71 | 5,619,797 | 15:48:11 |
By Juhana Rossi
HELSINKI-- Nokia Corp. has emerged as the possible engine behind the creation of a telecommunications-equipment titan only years after it was regarded as the laughingstock of the tech world for missing the touchscreen revolution that thrust smartphones into billions of palms around the world.
Nokia said Tuesday it was in advanced talks to buy French rival Alcatel-Lucent SA, a deal that could allow the Finnish company to surpass China's Huawei Technologies in annual revenue and possibly steal the networking-industry's no. 1 crown from Sweden's Ericsson.
If completed, a merger with Alcatel-Lucent would mark the second time the company has reinvented itself in the past decades, extending the saga of a 150-year-old corporation that has put its Nordic home country truly on the global map.
Analysts said a merger with Alcatel-Lucent carried big risks for Nokia, notably because of the difficulty to combine different cultures. Alcatel-Lucent itself was formed through a 2006 Franco-U.S. marriage that had a tumultuous start and yielded years of losses.
"Even if everything works out reasonably well, combining the two companies will take a couple of years," said Sami Sarkamies, an analyst with Nordea Bank in Helsinki.
Nokia, which started as a wood pulp mill in 1865, first grew into a diversified conglomerate that made everything from rubber boots to television sets and forest products.
In the 1990s, however, Nokia faced heavy losses and opted to focus on mobile handsets and network technology, selling the bulk of its legacy operations. The overhaul made wonders: By 1998 Nokia was the world's largest supplier of cellphones, and in 2000, its EUR300 billion ($317 billion) market capitalization made it one of the world's most expensive companies.
At that time, Nokia's engineers developed a cellphone prototype with a touchscreen set above a single button. But the product, crafted years before Apple Inc. rolled out the iPhone, didn't hit the shelves, because Nokia doubted it had market potential.
The decision proved a painful corporate blunder: By 2012, Nokia ended a 14-year-run as the world's largest maker of mobile phones as rival Samsung Electronics Co. took the top spot. Nokia again bled red ink while the group's market value melted.
Nokia made a last-ditch effort to revitalize its mobile device business by striking a partnership with Microsoft Corp. in 2011. The goal was to combine Nokia's hardware with Microsoft's Windows Phone operating system and to create a competitive alternative to Apple's iOS and Google Inc.'s Android platforms.
This attempt failed, and as losses mounted, Nokia decided to sell its handset business to Microsoft for EUR5.4 billion in September 2013.
Nokia was left mainly with its networking business, which the group had combined with that of Siemens AG in 2007. Siemens, which was anxious to exit the joint venture, sold its interest in the business to Nokia for EUR1.7 billion in July 2013.
The network unit "was overshadowed by the handset business," said Hannu Rauhala, a tech analyst with Pohjola Bank in Helsinki and a former Nokia employee. "Nevertheless, it was continuously being developed."
Together, Nokia and Alcatel-Lucent had 2014 revenue of EUR25.9 billion and more than 100,000 employees in businesses spanning wireless communications and Internet routing.
On top of its main network equipment business, Nokia has a digital location and mapping unit known as HERE, and a unit managing its patent portfolio.
Write to Juhana Rossi at juhana.rossi@wsj.com
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