Ericsson has denied a rumor that Microsoft will make a takeover bid for it. The telecoms equipment maker has stated that it is not in takeover talks with Redmond, and that it is focusing on launching a rights issue in Q3.
The loss-making Swedish company has been the subject of numerous rumors as the telecoms industry continues to consolidate. The prospect of a bid by Microsoft pushed its share price up by 2.5%, despite a falling market.
Ericsson is expected to release deals of its rights issue when it announces its Q2 results on July 19. It has yet to state the price and number of shares that will be issued.