I guess it was inevitable. Nokia Corp. announces that it will sell its handset business to Microsoft Corp. for €5.4-billion. The sale will boost the Finnish company’s cash reserves to about €8-billion. Then – wham! – a hedge fund shows up and says: I’ll take some of that, please.
On Tuesday, Daniel Loeb, the founder and boss of Third Point, the $14-billlion (U.S.) activist fund that has taken runs at Yahoo Inc. and Sony Corp., revealed that the fund had taken a stake in Nokia and expects the company to distribute a “meaningful portion” of the handset proceeds to shareholders “in coming quarters.”