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September 3, 2013 5:19 pm
The €5.44bn ($7.2bn) deal is subject to shareholder and regulatory approval but was expected to be completed in the first quarter of next year. Shares in Nokia jumped 33.9 per cent to €3.97.
Nokia’s deal with Microsoft came just hours after the UK’s Vodafone announced it was to sell its 45 per cent stake in the Verizon Wireless joint venture to Verizon of the US for $130bn.
Investors were keen to snap up shares in other telecoms and technology stocks that could form targets for any further industry tie-ins.
Vivendi, the French telecoms, media and TV services operator that announced discussions in July to share mobile networks with Bouygues, gained 1 per cent to €15.80 and Bouygues added 1.3 per cent to €24.03.
The FTSE Eurofirst 300, however, fell 0.4 per cent to 1,212.39. On the losing side, the German sugar refiner Südzucker fell 11.6 per cent to €21.84 because of fears that sugar prices will fall when the European Union abolishes sales and imports quotas in 2017.
Exane BNP Paribas cut its rating on Südzucker to underperform from neutral and its price target to €15 from €28.
“The new EU sugar world will be structurally less attractive for both investors and industry participants,” said Jeff Stent, an analyst.
Denmark’s Novo Nordisk, the world’s biggest producer of insulin, fell 2.8 per cent to DKr936 after it lost two contracts to supply the drug in the US.
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