China approves Microsoft-Nokia deal
Microsoft moved a step closer towards officially acquiring Nokia's devices and services business as China's Ministry of Commerce has also approved the deal.
The Chinese Commerce Ministry said in statement that it approved the deal after making an analysis of the vertical relationship between handset maker Nokia's smartphone business and Redmond-based Microsoft's patents for smart terminal OS and mobile smart terminals. In addition, the ministry studied the potential impact of the Microsoft-Nokia deal on any abuse of patents and the Chinese smartphone market.
Shang Ming, head of anti-monopoly bureau in the Commerce Ministry, said it was one of the most complicated cases since the country's anti-monopoly law took effect.
Ming warned that regulators would launch investigations in line with the country's anti-monopoly laws & regulations if Microsoft would misuse its dominant position in the future.
Nearly 75 per cent of the world's all handsets are manufactured in China. As far as smartphones are concerned, the world's most populous country accounts for 34 per cent of the global market.
The 5.4 billion-euro ($7.3 billion) Microsoft-Nokia deal has already acquired the essential approvals from regulators in the United States, the European Union and other jurisdictions; and the Finland-based handset maker expects the transaction to close by the end of this month.
Following China's approval, Nokia shares jumped 5 per cent to close at 5.58 euro apiece on the Helsinki Stock Exchange on Tuesday.