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Nokia to delist from Frankfurt bourse
Source: Agencies |
November 25, 2011, Friday
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Print Edition
Print Edition
NOKIA Corp has applied to delist from the Frankfurt Stock Exchange because of falling trading volumes of its shares, the world's largest mobile phone maker said yesterday.
The announcement came as the Finnish company's stock continues to tumble as it struggles against stiff competition in the top-end smartphone sector and against rivals making cheaper handsets in Asia.
In August, Standard and Poor's downgraded Nokia's credit rating, saying its outlook for the company remained negative. Moody's also downgraded it by two notches in July from A3 to Baa2 due to a "severe weakening" of Nokia's business position.
Nokia said the application was a pragmatic decision in an increasingly Internet-connected world that allows electronic trading from anywhere.
Besides Helsinki, Nokia shares are still traded in New York, but during the last eight years Nokia has delisted from the London, Paris and Stockholm exchanges.
Last month, Nokia launched its long-awaited first Windows cellphones - nine months after it teamed up with Microsoft Corp to make smartphones.
The announcement came as the Finnish company's stock continues to tumble as it struggles against stiff competition in the top-end smartphone sector and against rivals making cheaper handsets in Asia.
In August, Standard and Poor's downgraded Nokia's credit rating, saying its outlook for the company remained negative. Moody's also downgraded it by two notches in July from A3 to Baa2 due to a "severe weakening" of Nokia's business position.
Nokia said the application was a pragmatic decision in an increasingly Internet-connected world that allows electronic trading from anywhere.
Besides Helsinki, Nokia shares are still traded in New York, but during the last eight years Nokia has delisted from the London, Paris and Stockholm exchanges.
Last month, Nokia launched its long-awaited first Windows cellphones - nine months after it teamed up with Microsoft Corp to make smartphones.
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