I assumed nothing, I simply went to yahoo finance and looked up intraday market cap, which is number of outstanding shares times current share price. And this value is today around $24.4 billion. And outstanding shares are all outstanding shares, regardless at which stock exchange the shares are traded. Not "outstanding shares issued in a single exchange value". You got that wrong. Here you are partly right. This is the reason why an acquirer usually has to pay more than current share price to get the deal through. This premium can have a wide range, but common premiums are 20% to 40%. To get to your quoted value of EUR 100 billion you'd need a premium of more than 500%, which is out of the question. Options do not change the present market value of a company, as the impact of the option is reflected in the present share price. Not sure why you think to know what I assume. But you are dead wrong. There are many shareholders outside a single exchange. This is why market cap is calculated by share price times outstanding shares, regardless where these shares are traded. But to conclude a long post: Go to Nokia's web site, under investor relations they show next to their share price in Euro and USD their current market cap: http://investors.nokia.com/phoenix.z...rol-stockchart One last thing: Did you look at the date of the report? When the report was dated maybe October 2007 then the value might be right. At that time Nokia's market cap was around EUR 100 billion. Today it is less than EUR 18 billion. That's quite a crash.