Nokia stock surges 40 percent on Microsoft takeover

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The share price of Nokia Corp has surged 40 percent after Microsoft said it would take over the Finnish firm's smartphones, patents and services in a move to challenge to Apple and Google.

Nokia's shares were up at 4.14 euros in early trading Tuesday in Helsinki.

The 5.44 billion euros ($7.2 billion) deal announced late Monday marks a major step in Microsoft's push to transform itself from a software maker focused on operating systems and applications for desktop and laptop computers into a more versatile company that delivers services on any kind of Internet-connected gadget.

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