Activist Loeb Buys Stake In Nokia Minus Device Unit

Law360, New York (October 22, 2013, 2:36 PM EDT) -- Activist investor Daniel Loeb told investors Tuesday that his hedge fund took a long position in sputtering handset maker Nokia Corp., betting that the Finnish company will right its course after announcing plans to sell its device unit to Microsoft Corp for $7.2 billion.

Loeb didn't say how big a stake Third Point LLC took through the buy-in, sealed sometime after Nokia last month unveiled plans for the Microsoft deal. He did not name a purchase price, saying only that his fund “seized an opportunity to...
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