Nokia has released a press statement clarifying that Indian Tax dispute has no effect on timing or value of the Microsoft-Nokia deal. Nokia has just moved to India’s Supreme court against Delhi High court’s order which can stall the transfer of Chennai plant under the deal. But, with this press statement, Nokia aims to address the investor’s fears, which has even led to drop in Nokia’s share prices recently.
Nokia would like to stress that recent developments in India related to ongoing tax proceedings are not expected to affect the timing of the closing nor the material deal terms of the anticipated transaction between Nokia and Microsoft, announced on September 3, 2013.
The transaction is still expected to close in the first quarter of 2014, subject to regulatory approvals and other customary closing conditions, irrespective of the proceedings in the Indian tax case.
According to a recent tip received by us the Microsoft-Nokia deal closure may be announced around MWC.