9/2/2014

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Business

Nokia deal with Microsoft delayed until April

Nokia deal with Microsoft delayed until April
In this Aug. 15, 2013 photo, Nokia's Lumia 925 phone is shown at the flagship store of Finnish mobile phone manufacturer Nokia in Helsinki, Finland. (AP Photo/Lehtikuva, Mikko Stig)
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HELSINKI (AP) — Nokia Corp. says the sale of its mobile phone unit to Microsoft will be delayed until next month because it is still waiting for approval from regulatory authorities in Asia.

The Finnish company said Monday that the 5.4 billion euros ($7.3 billion) deal announced in September and expected to be completed in the first quarter of 2014, has been approved by the EU and U.S. authorities but "certain antitrust authorities In Asia" were still reviewing the deal.

Last week, Nokia said it was contesting a legal case in Madras, India, by local authorities who want Nokia to pay sales tax on the export of devices made at Nokia's plant in Chennai.

Legislation in some countries requires local regulatory approval for transactions that affect companies in the region.
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