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Samsung refutes Nokia buyout talk

Samsung refutes Nokia buyout talk

Rumours that Samsung is eyeing a takeover of mobile rival Nokia are unfounded, the South Korean tech giant has claimed.

Last week, talk of a buyout for the Finns saw shares in Nokia rise by seven per cent. This is despite the obvious and rather huge regulatory hurdles that such a move would entail.

Today, Samsung has confirmed what we already knew and issued of an official denial that it has any interest in Nokia.

Samsung told The Next Web: "Such reports are purely speculative and are not true.”

News of movement in the ultra-competitive smartphone market comes as Nokia recently issued a profit warning for the first half of 2012, amid worse-than-expected sales for the Windows Phone-powered Lumia handsets.

The downturn in Nokia’s fortunes, teamed with record sales for the Galaxy range, saw Samsung supplant the one-time undisputed industry leader earlier this year to become the world’s largest maker of mobile phones.

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