News: German firm buying Nokia HERE $NOK

Germany’s big car makers have reached a stand-off with Nokia in their joint bid to buy the Finnish company’s maps business HERE, while rival offers appear to be unravelling, sources familiar with the process said.

Talks between Nokia and BMW, Daimler and Volkswagen over the sale are ongoing but have reached a difficult stage as important details such as price and structure are finalised, two auto industry sources and two financial sources said.

Analysts estimate the potential value of HERE at between 2 billion and 4 bln euros ($2.2 bln to $4.4 bln).

The car makers are loathe to see HERE fall into the hands of rival technology firms. That could compromise their access to high-definition maps, potentially slowing their ability to expand in the area of connected cars, which Exane BNP Paribas says could grow into a $50 billion market.

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