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Slideshow India in the dark Half of India's 1.2 billion people are without power in the country's second major blackout in as many days. Slideshow Lenovo executive dismisses Nokia bid talk as "joke" Tweet Share this Email Print Related News Nokia scraps phone software to conserve cash: sources Thu, Jul 26 2012 UPDATE 2-Nokia scraps phone software to conserve cash -sources Thu, Jul 26 2012 For Asia's tech giants, clouds before the windows Mon, Jul 23 2012 Nokia's cash reserves hold up despite big loss Thu, Jul 19 2012 Instant View: Nokia holds more cash than feared, posts steep loss Thu, Jul 19 2012 Analysis & Opinion Chinaâ€™s insider culture stains CNOOC foreign bid Related Topics Tech » Media » A Lenovo Ultrabook is displayed during Reuters China Investment Summit in Hong Kong November 14, 2011. Credit: Reuters/Bobby Yip By Tarmo Virki HELSINKI | Wed Aug 1, 2012 9:49am EDT HELSINKI (Reuters) - A senior executive at Chinese personal computer maker Lenovo dismissed market speculation that the company was interested in buying struggling Finnish cellphone maker Nokia as a "joke." Shares in Nokia rose as much as 17 percent in heavy volumes earlier on Wednesday on market talk that Lenovo may be interested, but gave up the gains after executive Gianfranco Lanci's rebuttal. "This must be a joke," Lanci, who runs Lenovo's operations in Europe, Middle East and Africa, told Reuters. "There's nothing ongoing." Nokia has been trying to reverse its decline in the smartphone market by adopting Microsoft software, but has had little success against rivals Apple and Samsung. Its shares have dropped more than 70 percent since it unveiled the strategy shift in February 2011 and speculation about a possible takeover bid for Nokia has been rife. Nokia shares were 1.3 percent lower at 1.925 euros by 1253 GMT, valuing the firm at 7.21 billion euros. "Frankly, I'm quite surprised that people actually bought into the possibility (of a takeover)," said a banker based in Hong Kong, who declined to be identified because he was not authorized to speak to media. "It (Lenovo) would have been spending so much money buying something that is not really Lenovo's core line of business. I would think a more likely possibility would be some form of collaboration or cooperation between the two," the banker said. Lenovo has a market capitalization of $7.1 billion and it has cash and cash equivalents of $3.8 billion. "Nokia is pretty close to the bottom ... Therefore the optimal window for any acquisition is closing," said Canalys analyst Pete Cunningham, adding he thought it was highly unlikely someone would buy Nokia. Last month Nokia reported a steep loss for the April-June quarter, but it did not burn through its cash as quickly as analysts had feared, sparking some hopes that the worst might be soon over. Nokia declined to comment on Wednesday. (Additional reporting by Chyen Yee Lee; Editing by Erica Billingham) Tech Media Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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