Nokia Corporation
Stock exchange release
28.3.2008 at 16.30 (CET+1)
Espoo, Finland - Nokia announced today that the European Commission has
initiated a Phase II review of the pending acquisition of NAVTEQ. This is part
of the Commission's review process, and does not in any way signal the ultimate
outcome.
“We have engaged in an open and constructive dialogue with the Commission in
order to find agreement on the acquisition of NAVTEQ. We have listened to the
Commission's concerns, and look forward to finding a common understanding that
will enable the transaction to be closed," said Rick Simonson, Executive Vice
President and Chief Financial Officer, Nokia.
"Nokia remains strongly committed to this acquisition, which will play a key
role in our Internet services push,” Simonson added.
The Commission now has 90 working days to make a final decision on the
transaction. However, the review period may be extended to 125 working days
under certain circumstances. The completion of the acquisition is subject to the
receipt of European regulatory approval. Nokia has received all other necessary
regulatory approvals.
About Nokia
Nokia is the world leader in mobility, driving the transformation and growth of
the converging Internet and communications industries. We make a wide range of
mobile devices with services and software that enable people to experience
music, navigation, video, television, imaging, games, business mobility and
more. Developing and growing our offering of consumer Internet services, as well
as our enterprise solutions and software, is a key area of focus. We also
provide equipment, solutions and services for communications networks through
Nokia Siemens Networks.
It should be noted that certain statements herein which are not historical
facts, including, without limitation, those regarding: A) the timing of product,
services and solution deliveries; B) our ability to develop, implement and
commercialize new products, services, solutions and technologies; C)
expectations regarding market growth, developments and structural changes; D)
expectations regarding our mobile device volume growth, market share, prices and
margins; E) expectations and targets for our results of operations; F) the
outcome of pending and threatened litigation; G) expectations regarding the
successful completion of contemplated acquisitions on a timely basis and our
ability to achieve the set targets upon the completion of such acquisitions; and
H) statements preceded by “believe,” “expect,” “anticipate,” “foresee,”
“target,” “estimate,” “designed,” “plans,” “will” or similar expressions are
forward-looking statements. These statements are based on management's best
assumptions and beliefs in light of the information currently available to it.
Because they involve risks and uncertainties, actual results may differ
materially from the results that we currently expect. Factors that could cause
these differences include, but are not limited to: 1) competitiveness of our
product, service and solutions portfolio; 2) the extent of the growth of the
mobile communications industry and general economic conditions globally; 3) the
growth and profitability of the new market segments that we target and our
ability to successfully develop or acquire and market products, services and
solutions in those segments; 4) our ability to successfully manage costs; 5) the
intensity of competition in the mobile communications industry and our ability
to maintain or improve our market position or respond successfully to changes in
the competitive landscape; 6) the impact of changes in technology and our
ability to develop or otherwise acquire complex technologies as required by the
market, with full rights needed to use; 7) timely and successful
commercialization of complex technologies as new advanced products, services and
solutions; 8) our ability to protect the complex technologies, which we or
others develop or that we license, from claims that we have infringed third
parties' intellectual property rights, as well as our unrestricted use on
commercially acceptable terms of certain technologies in our products, services
and solution offerings; 9) our ability to protect numerous Nokia and Nokia
Siemens Networks patented, standardized or proprietary technologies from
third-party infringement or actions to invalidate the intellectual property
rights of these technologies; 10) Nokia Siemens Networks' ability to achieve the
expected benefits and synergies from its formation to the extent and within the
time period anticipated and to successfully integrate its operations, personnel
and supporting activities; 11) whether, as a result of investigations into
alleged violations of law by some current or former employees of Siemens AG
(“Siemens”), government authorities or others take further actions against
Siemens and/or its employees that may involve and affect the carrier-related
assets and employees transferred by Siemens to Nokia Siemens Networks, or there
may be undetected additional violations that may have occurred prior to the
transfer, or ongoing violations that may have occurred after the transfer, of
such assets and employees that could result in additional actions by government
authorities; 12) any impairment of Nokia Siemens Networks customer relationships
resulting from the ongoing government investigations involving the Siemens
carrier-related operations transferred to Nokia Siemens Networks; 13) occurrence
of any actual or even alleged defects or other quality issues in our products,
services and solutions; 14) our ability to manage efficiently our manufacturing
and logistics, as well as to ensure the quality, safety, security and timely
delivery of our products, services and solutions; 15) inventory management risks
resulting from shifts in market demand; 16) our ability to source sufficient
amounts of fully functional components and sub-assemblies without interruption
and at acceptable prices; 17) any disruption to information technology systems
and networks that our operations rely on; 18) developments under large,
multi-year contracts or in relation to major customers; 19) economic or
political turmoil in emerging market countries where we do business; 20) our
success in collaboration arrangements relating to development of technologies or
new products, services and solutions; 21) the success, financial condition and
performance of our collaboration partners, suppliers and customers; 22) exchange
rate fluctuations, including, in particular, fluctuations between the euro,
which is our reporting currency, and the US dollar, the Chinese yuan, the UK
pound sterling and the Japanese yen, as well as certain other currencies; 23)
the management of our customer financing exposure; 24) allegations of possible
health risks from electromagnetic fields generated by base stations and mobile
devices and lawsuits related to them, regardless of merit; 25) unfavorable
outcome of litigations; 26) our ability to recruit, retain and develop
appropriately skilled employees; 27) the impact of changes in government
policies, laws or regulations; and 28) our ability to effectively and smoothly
implement our new organizational structure; as well as the risk factors
specified on pages 10-25 of Nokia's annual report on Form 20-F for the year
ended December 31, 2007 under “Item 3.D Risk Factors.” Other unknown or
unpredictable factors or underlying assumptions subsequently proving to be
incorrect could cause actual results to differ materially from those in the
forward-looking statements. Nokia does not undertake any obligation to update
publicly or revise forward-looking statements, whether as a result of new
information, future events or otherwise, except to the extent legally required.
Media Enquiries:
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www.nokia.com