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. Last Updated: 07/27/2016

Nokia to Buy Shares

HELSINKI, Finland -- Nokia plans to buy back up to 36 million of its own shares at market price this week.

The world's No. 1 cellular phone maker said it would start repurchasing its shares Friday at the earliest and use them to finance acquisitions or to develop its capital structure. The shares could also be canceled, the Finnish company said in a statement.

Nokia has approximately 4.7 billion shares outstanding, and at current prices, 36 million shares would be worth $1.57 billion.