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TomTom NV, the Dutch maker of navigation software and devices, rose to its highest level in almost six years as the company extended a licensing agreement with Apple Inc. and a bidding war for Nokia Oyj’s map business intensified.
The shares gained as much as 11 percent to 9.16 euros in Amsterdam after Bloomberg reported that groups that include Uber Technologies Inc. and Tencent Holdings Ltd. are bidding for the Nokia division, called HERE.
“The parties that will miss it will start looking at TomTom,” Hans Slob, an analyst for Rabobank Nederland, said by phone. “So you’ll get some takeover speculation.”
TomTom and Nokia are among few companies with digital-map assets, which are sought by companies ranging from social networks and e-commerce providers to car manufacturers.
The Dutch company today said it extended a global agreement with Apple for maps and related information. That is soothing investors amid speculation that any bid by Apple for HERE could result in the iPhone maker canceling its contract with TomTom, Slob said.
TomTom rose 9 percent to 9.03 at 11:13 a.m. Amsterdam time, valuing the company at 2 billion euros ($2.2 billion).
This article was written by Elco Van Groningen from Bloomberg and was legally licensed through the NewsCred publisher network.