Nokia Corporation will seek shareholder approval for a share repurchase program in the company's Annual General Meeting to be held on May 7, 2013. Under the program, Nokia will repurchase up to 370,000,000 shares, representing 9.88% of its issued share capital. The shares may be repurchased either through a tender offer made to all shareholders on equal terms, or in marketplaces by repurchasing the shares in another proportion than that of the current shareholders.

The shares repurchased will be cancelled. The purpose of the program is to maintain flexibility, to develop the capital structure, finance or carry out acquisitions or other arrangements, settle the company's equity-based incentive plans and to be transferred for other purposes. The shares will be repurchased using funds in the unrestricted shareholders' equity.

The authorization would be effective until June 30, 2014. As of January 24, 2014, the company has 3,744,956,052 shares in issue.