Markku Ulander | AFP | Getty Images
Shareholders in Nokia meet Tuesday to vote on the proposed sale of the Finnish mobile telecoms group's handset unit to U.S. software giant Microsoft, while speculation heats up over the future of both businesses.
In September, Nokia agreed to sell its devices and mapping services business and to license its patents to Microsoft for 5.4 billion euros ($7.2 billion).
The sale and terms of the deal are expected to be approved by Nokia shareholders on Tuesday although there has been some controversy over the end of the iconic Finnish handset brand. However, one way Nokia could placate its shareholder critics would be through a dividend.
If approved by both regulators and shareholders, who are due to meet in Helsinki at 2p.m. local time (7:00a.m. New York time) the sale is expected to close in the first quarter of 2014.
Following the sale, Nokia said in a statement that it planned to focus on developing 'advanced technologies, its patent portfolio and Nokia brand.'
At the announcement of the deal back in September, Nokia's chief executive, Stephen Elop, said he would step down to rejoin his old employer, Microsoft. His three-year tenure at Nokia has proved controversial -- particularly over his decision in 2011 to adopt Microsoft Phone software over the company's own operating system.
( Read more: Is Elop being groomed to take over top job at Microsoft?)
Since the deal was announced Nokia's share price has doubled, closing at 6.00 euros on Monday.
Microsoft is also holding an annual shareholder meeting in Washington on Tuesday (at 11a.m. New York time) but discussions are expected to center on finding the company a new chief executive.
( Read more: Microsoft and Nokia are both dumb about smartphones)
Steve Ballmer announced in August that he would be leaving the company within 12 months following a rocky tenure of the company which has seen its earnings falter and market share decrease recently.
His resignation comes against a backdrop of increasing shareholder unhappiness with his 13-year time at the top of Microsoft. The company has failed to hold on to its market dominance as consumers have moved from PCs to mobile devices and it has been somewhat slow to catch up with rivals Apple and Samsung.
( Read more: Who'll succeed Steve Ballmer at Microsoft?)
The meeting today will be Ballmer's last at the helm of the tech giant with speculation mounting that the company's board has cut its short list of successors from five people to three. Industry-watchers have favored Alan Mullaly, the current CEO of Ford, and Elop as leading candidates with the company's current chief operating officer, Kevin Turner, also in contention.
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