Microsoft deal halted as India orders review of Nokia’s transactions
Since September 2013, Microsoft has been in the dilemma of statutory approvals and clearings by regulatory bodies across the globe in it’s bid to acquire Nokia, the Finland phone giant, for $7.2 billion.
And just when it seems things cannot get any slower, the Indian government has ordered a special review of accounts held by Nokia India, to ascertain whether Nokia invaded taxes in India.
The review, or audit, which can last up to one month to six months, is surely not in favor of Microsoft who wants the Nokia deal to be done urgently.
The government of India is allegedly witch-hunting Nokia for $3 billion of unpaid tax, and will want $500 million to be paid upfront.
If Nokia decides to remove the Indian investmment from what it’s offering to Microsoft for $7.2 billion, they could get up to $1 billion slashed from the agreed price.
In response, a source speaking for Nokia said that “as with all tax discussions in India, Nokia will cooperation with the authorities and, where necessary, defend itself vigorously.”
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