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News Summary: Nokia shareholders OK Microsoft deal

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The Associated Press | November 19, 2013 01:23 PM EST | AP


GOT THE OK: Nokia shareholders approved the sale of the ailing cellphone division and a portfolio of patents and services to Microsoft Corp. for 5.4 billion euros ($7.2 billion).

BACK STORY: The Finnish phone maker's global market share shrank as it battled stiff competition from Apple and Google in the lucrative smartphone trade and from cheaper manufacturers in Asia.

UP NEXT: Following the sale, expected in early 2014, Nokia will be known as Nokia Solutions and Networks and will focus on providing technology used by mobile devices for the transfer of data, including phone calls, video and connecting to the Internet.