Finnish vendor Nokia has announced plans to delist its shares from the Frankfurt Stock Exchange in H1 2012, because of its falling trading activity in Germany.
The company will continue to be listed in the Eurozone on the NASDAQ OMX Helsinki Stock…
Finnish vendor Nokia has announced plans to delist its shares from the Frankfurt Stock Exchange in H1 2012, because of its falling trading activity in Germany.
The company will continue to be listed in the Eurozone on the NASDAQ OMX Helsinki Stock Exchange, and in the US through American Depositary Shares on the New York Stock Exchange.
According to a statement, the company’s decision to delist comes as its “trading volumes on the Frankfurt Stock Exchange have decreased during the years and currently represent only a small percentage of the total global trading volumes of the Nokia share”.
The move, which is subject to regulatory approval, follows Nokia’s decision to delist from London, Paris and Stockholm in 2003, 2004 and 2007, respectively.
Speaking to TelecomFinance in late October, Nokia CFO Timo Ihamuotila said the company was confident of being able to access “capital markets at all times”, despite the current uncertainty in the Eurozone.
“I would also say that while of course not immune to economic trends, the handset business tends to be quite resilient,” said Ihamuotila.
He added: “On the networks side, we said that in our Q4 guidance for [European infrastructure vendor JV] Nokia Siemens Networks (NSN) we have taken into account possible economic uncertainty – particularly in Europe. But amid any macroeconomic uncertainty, the key is to focus full speed on your execution, and simultaneously have a nimble enough structure so you can react if need be.”
On 23 November, NSN announced the next stage of its cost-cutting programme, unveiling plans to cut 17,000 of its 74,000 employees around the world.
