NOKIANEWS - News of the Nokia

Nokia pulled out of sale of TD Tech Stake

07. 09. 2023 Thursday / By: Robert Denes / Business / Exact time: BST / Print this page

S hares in New East New Materials fell after Nokia called off the sale of its stake in its joint venture with Huawei Technologies to the Chinese ink and adhesives company.

The stock has fallen 45 percent since New East announced on April 9 that it would buy Nokia's 51 percent stake in TD Tech for 2.1 billion yuan ($288 million). The Hefei-based company said late yesterday that the deal fell through after the Finnish phone maker backed out of the sale.

If necessary, New East will take legal action to protect its legal rights and interests, as well as the interests of its shareholders, the company added.

New East has set its sights on acquiring TD Tech to expand its core business into wireless communications products. Huawei said on April 9 that the Shenzhen-based telecom giant is not willing to cooperate with New East because it has inadequate capabilities in the communications industry.

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