Giving a short shrift to the reports, Samsung Electronics on Tuesday clarified that it was not interested in acquiring Nokia. This sent shares in the Finnish mobile phone company down 2 percent.

Nokia shares rose 6 percent last Friday on speculation of a possible buyout offer. "Such reports are purely speculative and are not true," the company said.

Nokia, struggling to recover lost market share, has declined 46 percent in the past year as consumers preferred Apple Inc.iPhones and Samsung smartphones running on Google Inc.’s Android software. Samsung overtook Nokia in the first quarter as the world’s largest handset maker, according to Gartner Inc.

Last week there speculations 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.