Wed, 20 Nov, 2013 01:22:29 AM FTimes Report, November 20  Chairman of the Board of Directors and interim CEO of Nokia Risto Siilasmaa is seen on the screen at the Extraordinary General Meeting (EGM) of Nokia Corporation at the Helsinki Ice Hall in Helsinki, Finland, on Tuesday. Nokia's shareholders vote on whether to allow the corporation to sell its handset business to Microsoft. Photo - Lehtikuva. Most of the shareholders of Nokia on Tuesday supported the decision of selling all the Nokia phone sets, services and patent licences to software company Microsoft, said a press release.
An extraordinary General Meeting of Nokia Corporation held at the Helsinki Ice Hall decided to confirm and approve the sale of all Nokia devices & services to Microsoft in line with what the Board of Directors of Nokia proposed and recommended.
According to the press release, more than 99% of the votes cast at the EGM were in favor of this proposal.
“This is a significant step forward for Nokia. We are delighted that shareholders have given us overwhelmingly strong support to proceed with this transformative agreement,” said Nokia Board Chairman and interim CEO, Risto Siilasmaa.
“Today's vote brings us closer to completing a transaction which will mark the beginning of the next chapter in Nokia's near 150-year history, offering the potential of greater value for shareholders,” he said.
The transaction is expected to close in the first quarter of 2014, subject to regulatory approvals and other customary closing conditions.
On September 3, mobile phone giant Nokia Corporation decided to sell all of its phone sets, services and patent licences to Microsoft for a total of €5.44bn.
Nokia expects to book a gain on sale of approximately €3.2bn and the transaction to be significantly accretive to earnings.
The financial deal with the former Nokia CEO, however, was criticised by the investors of the Finnish stock exchange.
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