Nokia is facing a hostile takeover attempt

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April 25, 2020 Nokia reportedly hired Citi to fend off a hostile takeover bid worth as much as $17.4 billion. A takeover would exploit Nokia's turbulent market position: The company fired an estimated 5,000 employees since 2019, named a new CEO earlier this year in hopes of catching up in the 5G race, and was subsequently excluded from the $5.2 billion in contracts awarded for China Mobile's second phase of 5G rollouts. Additionally, an attempted takeover would likely be met with intense regulatory scrutiny, as it would help Huawei grab considerable market share and weaken US-aligned alternatives to Huawei and ZTE. In a world where Ericsson and Samsung stand as the primary US-sanctioned telecom equipment providers, other nations may find it difficult to abide by US recommendations. Business Insider Intelligence's Hirsh Chitkara has the full story. 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