February 26, 2020 / 7:03 PM / in a month

Nokia explores strategic options: Bloomberg News

FILE PHOTO: A Nokia logo is seen at company's headquarters in Espoo, Finland, May 5, 2017. REUTERS/Ints Kalnins

(Reuters) - Finnish telecom network equipment maker Nokia Oyj is exploring strategic options and is working with advisers to consider potential asset sales and mergers, Bloomberg News reported on Wednesday, citing people familiar with the matter.

There is no truth to the report, a source close to the company said, while Nokia declined to comment. (bloom.bg/3a1uMAW)

The company, which competes with Ericsson and Huawei [HWT.UL] for 5G network equipment, said in February it expects intense competition to continue in 2020, as rivals seek to grab market share.

5G networks are at the center of a brewing technology war between United States and China, as they are expected to host critical functions including driverless vehicles, smart electric grids and military communications.

Earlier this month, U.S. Attorney General William Barr said the United States and its allies should consider investing in Nokia and Ericsson to counter Huawei’s dominance in 5G technology.

Nokia’s U.S.-listed shares were up about 9% in afternoon trading.

Reporting by Tarmo Virki in Helsinki and Ambhini Aishwarya and Mekhla Raina in Bengaluru; Editing by Shounak Dasgupta

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