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Nokia Shareholders Approve Sale of Mobile Unit to Microsoft

Nokia Oyj shareholders voted overwhelmingly in favor of selling the company’s mobile-phone unit to be sold to Microsoft. The €5.44 billion (about $7.4 billion) deal—slated for completion in early 2014—will let Nokia focus on its network-related product offerings. It once had more than 50 percent of the mobile-phone market. However, despite recent increased smartphone sales, its device sales now significantly lag behind those of Samsung Electronics and Apple. Nokia CEO Stephen Elop, a former Microsoft executive who will return to the company under the terms of the deal, will reportedly earn more than $25 million from the sale. Elop is considered a leading contender to replace retiring Microsoft CEO Steven Ballmer. (SlashDot)(Neowin)(Bloomberg)

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