Tragedies end badly. Nokia makes the point with a vengeance. The mobile phone maker once carried a market capitalisation of over €200bn. Now it proposes to flog off its core mobile devices business (together with a long-term patent licence) to Microsoft – on which it has become increasingly dependent – for €5.4bn. That caused Nokia shares to jump, but still leaves the Finnish group’s market price tag at about €15bn (and enterprise value even lower). This is value destruction of a rare order, and it cannot be blamed solely on former management’s misjudgments about smartphone developments. The €200bn market cap dates to 2001, but in 2008 Nokia was still valued at over €100bn. In the three years since former Microsoft executive Stephen Elop took Nokia’s helm, the group’s stock market worth has halved.
悲劇的結(jié)局難免凄慘。諾基亞(Nokia)把這一點演繹到了極致。這家手機制造商的市值曾超過2000億歐元。如今，它打算將自己核心的移動設(shè)備業(yè)務(wù)（以及長期專利許可）以54億歐元的價格出售給它已經(jīng)變得越來越依賴的微軟(Microsoft)。此舉導(dǎo)致諾基亞股價大幅上漲。盡管如此，這家芬蘭集團的市值仍只有150億歐元左右（企業(yè)價值甚至更低）。這樣的貶值幅度是罕見的，不能完全歸咎于諾基亞前管理層對智能手機市場的誤判。盡管2000億歐元的市值要追溯到2001年，但在2008年時，諾基亞的價值仍有1000多億歐元。自三年前微軟前高管斯蒂芬?埃洛普(Stephen Elop)接任諾基亞首席執(zhí)行官以來，該集團的市值減少了一半。