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Samsung Declines Comment on its Nokia Bid Speculation

Rumors are circulating about Samsung wanting to buy Nokia.

Arild Moen at Dow Jones reports that Samsung wants to purchase Nokia, in the company’s attempt to fight off Apple and its patent lawsuits. Samsung, however, did not issue a comment regarding the rumor. “It seems like a market rumor and we don’t comment on rumors,” a spokesman for Samsung said.

“Samsung acquiring Nokia doesn’t seem very feasible as the two companies are on quite different trajectory paths. Samsung has seen tremendous growth and is launching new pads trying to target Apple, whereas Nokia is clearly going backwards losing market share very quickly. I don’t see a lot of value in Samsung acquiring Nokia,” said Pete Cunningham, an analyst with Canalys.

Samsung declined to comment on market speculation that it could be preparing a bid for ailing Finland-based handset maker Nokia.

“It seems like a market rumor and we don’t comment on rumors,” a spokesman for the South Korea-based company said.

Nokia spokeswoman Mona Kokkonen also said the company doesn’t comment on rumors.

The speculation comes a week after Nokia’s Chief Executive Stephen Elop described as “baseless” a blog report that Microsoft Corp. (MSFT) wanted to buy the Finnish company, which has been rocked by a recent profit warning and downgrades from ratings agencies.

[Source: WSJ]

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