NEW YORK, Oct 1 (Reuters) Shares of Garmin Ltd., the world's largest maker of navigation devices, fell more than 13 percent on Monday after Nokia offered to buy digital map supplier Navteq.
Garmin shares fell to a low of 2.00 on the Nasdaq, from Friday's close of 9.40, on news of Nokia's offer, which would give the world's top cellphone maker a stronghold in the navigation business.
Analysts had speculated that Garmin, whose devices are enabled by global positioning system (GPS) technology, might buy Navteq, its main map supplier. That speculation came after Garmin's Dutch rival, TomTom, said it would buy map supplier Tele Atlas to hold on to its position in Europe and grab a bigger slice of the U.S. market.
Nokia said it will offer .1 billion for Navteq, which provides the digital maps and software used by mobile phones, navigation systems and technologies.
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