The speculations are doing rounds that Microsoft may buy the struggling Finnish telecom giant Nokia.

According to The weekly Helsinki Times the Nokia stocks were now below book value, a situation described as "worth more dead than alive" rhetorically.

Once the most valuable companies in Europe, the mobile telecom equipment firm has seen its share prices fall to 2.20 euros in recent days the lowest since the mid 1990s.

"The investment community is fertile ground for rumours, and there are plenty about what could happen to Nokia. One of the most persistent rumours is that Microsoft may buy the company," the weekly said.

"The alliance with Microsoft is a powerful one. Maybe Apple and Google have already won the mobile phone business, and everyone else is doomed," it said in a report, quoting The Wall street Journal.

"But that's what they once said about Nokia. Things change in this industry. Microsoft, which is desperate to play catch-up in smartphones, could buy Nokia today out of petty cash."

The Bill Gates led US software and tech giant has about 46 billion euros in cash equivalent, while Nokia's market value is 8.4 billion euros, the weekly said, adding there was no speculation on any other buyer for Nokia, ruling out Apple, Samsung or RIM.