Nokia says not in talks to buy Netro
HELSINKI, June 16 (Reuters) - Finnish telecom equipment maker Nokia (NYSE:NOK - news) said on Friday it was not in talks to buy U.S. wireless telecommunications equipment firm Netro Corp. (NasdaqNM:NTRO - news), squashing rumours of a buyout.
``We have our OEM (original equipment manufacturer) agreement with Netro that we are very happy with, and we do not have any other plans,'' Nokia Networks spokeswoman Arja Suominen told Reuters.
An industry source, who declined to be identified, told Reuters on Thursday that Netro would probably be bought by Nokia, though a spokesman for the San Jose, California-based Netro said she was not aware of any takeover talks.
``What we have with Netro is an OEM agreement that we published a few weeks ago, so we are using their products as part of our total solutions in the broadband wireless area,'' Suominen said.
``I think these rumours got started because we signed this OEM agreement,'' she added.
Netro's Nasdaq-listed shares rose 5.8 percent to $50-1/8 on Thursday and its value has more than doubled from a May 23 close of $24, but the stock is still trading at less than half its March 10 year-high of $119-5/8. |
