Nokia declines to comment on media report of hostile takeover bid

(Reuters) – Nokia declined to comment on Thursday on a media report saying it was working with an investment bank to defend itself from a hostile takeover, the news which sent its shares sharply higher.

“Nokia does not comment on market rumours,” said a Nokia spokesman.

Earlier on Thursday shares in Nokia surged 12.5% with traders pointing to a report by online newspaper TMT Finance that said Nokia was working to defend itself from a hostile takeover bid for parts of its business or the whole company.

(Reporting by Tarmo Virki in Tallinn; editing by David Evans)