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Technology Stocks : Nokia Corp. (NOK)

NOK 6.380

+2.6%

10:32 AM EST

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To: Puck who started this subject	11/25/2002 7:38:11 PM
From: Puck	Read Replies (1) of 9255

Nokia Welcomes MobilCom-France Telecom Bailout Pact Monday November 25, 5:11 am ET STOCKHOLM -(Dow Jones)- Nokia Corp. said Monday that it welcomed France Telecom SA's EUR7.6 billion agreement to bail out German wireless operator MobilCom AG , to whom Nokia extended more than EUR750 million in vendor financing. "We think it's one step in the process, and it gives us a positive signal that the process is proceeding according to the plan in the MoU (memorandum of understanding) that we have also made with" France Telecom, Nokia spokeswoman Maija Tommila said. In September, Nokia reached an agreement with France Telecom, which owns 29% of MobilCom, to restructure its loans to the German operator. It subsequently wrote off EUR306 million of the EUR752 million in financing given to MobilCom and said it wouldn't extend any more. Under terms of the bailout unveiled Friday, France Telecom will take over MobilCom's EUR6 billion in bank and supplier loans and swap them for perpetual bonds redeemable for France Telecom shares at EUR47 each. It will waive EUR1 billion of other loans. Tommila said the plan is in line with Nokia's pact with France Telecom. "At this stage, nothing has changed when it comes to our agreement," she said. She declined to comment on whether Nokia sees any need to adjust the provisions it has taken for the loans.

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