Symbian shareholders expected to thwart Nokia

7 Jul 2004

Mobile phone software developer Symbian is today expected to announce that the majority of its shareholders have agreed to increase their stakes, in the process preventing handset giant Nokia from increasing its stake in the company above 50%. Six months ago Nokia said it planned to purchase 31.1% of Symbian held by Psion for around GBP136 million, a move which would have pushed its own stake well above the 50% threshold. Mindful that such a development would compromise Symbian’s status as an independent company, fellow shareholders Sony Ericsson, Panasonic and Siemens are expected to reveal plans to exercise pre-emptive rights to a portion of the shares being sold by Psion. If all goes to plan, Nokia’s stake will be limited to 49%.

United Kingdom