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Nokia's former chief executive and the company's head of devices, Stephen Elop, displays the Lumia 2520 tablet during the launch of Nokia's first tablet and two large-screen smartphones in Abu Dhabi October 22, 2013.
Nokia's former chief executive and the company's head of devices, Stephen Elop, displays the Lumia 2520 tablet during the launch of Nokia's first tablet and two large-screen smartphones in Abu Dhabi October 22, 2013.
(Ben Job/REUTERS)

Investor payouts? Nokia should just say ‘no’

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.”