In his Q3 investor letter, Dan Loeb says Third Point took a stake in Nokia (NOK +2.1%) after the Microsoft deal was announced, and thinks "either a buyback or special dividend is possible" once the deal (set to leave Nokia with €8B in net cash) closes.
Given Loeb's history, look for him to push for cash returns if Nokia doesn't take the initiative to deliver them. Multiple reports have indicated Nokia is interested in using a chunk of its cash balance for M&A.
Loeb adds 40% of Nokia's market cap is now covered by pro forma net cash, and that all three of its remaining businesses (NSN, Here, IP licensing) are cash flow positive.
He talks up NSN's restructuring efforts, Here's "exceptional share" (pegged at 80%-90%) of the automotive navigation market, and licensing opportunities opened up by Nokia's 10K patent families.
Earlier: Loeb reportedly takes stake in Nokia