Nokia's stock jumped roughly 12% Thursday after a report indicated the company was preparing to defend itself against a hostile takeover.
Nokia declined to comment, according to Reuters.
The report, from TMT Finance, indicated Nokia had hired investment banking firm Citi to counter a transaction that could be worth as much as $17.4 billion. The report did not indicate the source of the takeover proposal.
The latest report follows a February report by Bloomberg that Nokia was exploring strategic options, including possible asset sales or mergers. Nokia has said that report was not accurate.
Nokia eliminated roughly 5,000 jobs during 2019.