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.
Copyright 2014 The Associated Press. All rights
reserved. This material may not be published, broadcast, rewritten or
redistributed.
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.
Copyright 2014 The Associated Press. All rights
reserved. This material may not be published, broadcast, rewritten or
redistributed.