This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Nokia Gains China Clearance for Microsoft Deal

NEW YORK (The Deal) -- Finland's Nokia  (NOK) said Tuesday it had obtained Chinese regulatory clearance for its handset and patents sale to Microsoft (MSFT), setting the companies on track to close the 5.44 billion ($7.5 billion) deal later this month.

Nokia on March 24 pushed back the expected completion date of the September deal to April from the first quarter, noting that the companies still needed approval in unspecified Asian markets. The transaction already had clearance in jurisdictions including the U.S. and European Union.

"We believe that China approval was proving to be the major delaying factor for the deal and hence that the announcement today puts the deal back on track to close during April 2014 as we continue to see no anti-competitive reasons to block the deal," Credit Suisse Group analysts noted. "While the company has not provided details around which other regions still need to approve the deal we believe this could be Taiwan and/or Korea."

Nokia said that in the regulatory process to date, no officials had requested it make changes to its patent licensing program or royalty terms. Nokia shares were up 0.115, or 2.2%, at 5.435 by early afternoon in Helsinki. Its shares have risen about 80% since the September Microsoft deal, which Credit Suisse analysts said will make the Finnish company "cash-rich and IP-driven."

Nokia has said it will return "excess capital" to shareholders after completing a review of its three remaining businesses.

Microsoft, for its part, wants to use the handset purchase to become a late protagonist in the smartphone revolution.

Former Nokia CEO Steven Elop is transferring to Microsoft as part of the deal. Nokia chairman Risto Siilasmaa on Sept. 3 became Elop's interim replacement.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,083.80 -2.83 -0.02%
S&P 500 1,987.98 +0.97 0.05%
NASDAQ 4,472.1080 -1.5890 -0.04%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs