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Mergers & acquisitions

Euronews: Carnage at Nokia

Seismic changes at Nokia Corp. (NYSE: NOK) eclipse all other EMEA headlines in today's roundup.

  • Troubled mobile device giant Nokia has announced significant cost-cutting measures (including a headcount reduction of 10,000), the closure of R&D and manufacturing facilities, reduced expectations for the second quarter, a revamp of its top management team and some M&A maneuvers. Full details to follow shortly. (See Analyst: Nokia Lumia 'Not a Company Saver', Euronews: Nokia Cash Burn Freaks Analysts, Nokia: How Low Will It Go? , Euronews: Fitch Junks Nokia and Euronews: Nokia's Q1 Device Disaster.)

  • The European Commission has told OPTA , the Dutch regulator, that it must "amend or withdraw" its proposed termination rates which, according to the Commission, are roughly double the recommended levels. OPTA's initial proposals, in 2010, were in line with the Commission's guidelines, but these were overturned following appeals by several Dutch operators. (See Commission Calls Out Dutch on MTRs.)

  • Europe's major carriers need to be more careful about their debt piles and become fiscally more conservative, according to Orange (NYSE: FTE)'s CFO Gervais Pellissier. See this Reuters article for more.

  • Full-year profits after tax at Carphone Warehouse Group plc (London: CPW), the pan-European mobile phone retailer and MVNO, edged up from £54.7 million ($84.6 million) to £57.7 million ($89.3 million) year-on-year. The sale of its share in Best Buy Mobile in the U.S. helped boost its numbers.

  • Next weekend (June 23-24) sees the return of the Isle of Wight Festival, basically a huge outdoor rock gig on a caravan-heavy island just off the U.K.'s south coast (and home to Euronews). Vodafone UK is planning to use the event to trial its "Booster Brolly," an umbrella-like device that both charges and boosts the signal of a connected mobile phone. Euronews can report that the English early summer has been dire to date, so the Booster Brolly may be much in demand. And in case you're interested, makin' some noise this year are Bruce Springsteen, Pearl Jam, Elbow and -- here's one for the oldies -- Thunderclap Newman. (See Vodafone Trials Booster Brolly.)



    — Paul Rainford, Assistant Editor, Europe, Light Reading

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