Finnish networks firm Nokia has declined to comment on media reports that it is currently fighting off a hostile takeover bid.
Online paper TMT Finance reported on Friday that Nokia has turned to its financiers to fend off a hostile takeover and is looking to pull together 17 billion euros for the effort.
Meanwhile Reuters new agency said that a Nokia representative has said that the company "does not comment on market rumours."
In February, business and financial media outlet Bloomberg reported that Nokia had been looking into corporate restructuring. However a company spokesperson denied the claims to Reuters.
The embattled firm has struggled to maintain competitiveness in the 5G market. However media reports of the takeover attempt boosted the company's share price by seven percent on Friday morning.
By contrast, the firm's share price had declined by 37 percent in one year. In March Nokia announced that it was swapping out CEO of 10 years Rajeev Suri for former Fortum CEO Pekka Lundmark.
The firm also announced in March that it was shedding 148 jobs across all units in Finland, except for 5G development and at its Oulu factory.