Nokia Says No Thanks to RIM

Nokia told the Finnish daily newspaper the Helsingin Sanomat Tuesday that it is not interested in purchasing the Blackberry wireless device manufacturer Research in Motion (RIM).

According to the head of the company's Enterprise Solutions unit, Mary McDowell, Nokia feels that it could tap the lucrative mobile e-mail industry with its own products.

"Most of [Research in Motion's] income comes from devices for which we can well develop similar products ourselves," McDowell told the paper.

Investors were hoping that a potential suitor for RIM would step up to the plate, and in recent weeks the company's share price has reflected that optimism. Nokia had been named as a likely candidate, but Tuesday's news has dashed hopes of a possible takeover of RIM amid the company's patent disputes.

Nokia in the past has been leery of using its cash reserves to fund large mergers. The company prefers instead to spend most of its money on internal research and development. However, in recent months some company executives have hinted that Nokia may be prepared to look at possible acquisitions.