Mobile phone maker Nokia struck a deal with Microsoft in February to exclusively use the Windows Phone 7 mobile operating system. That partnership has now fueled speculation that Microsoft will purchase the company.

Today there were rumors that Microsoft was preparing to purchase the Finnish company for $19 billion, but Nokia flatly denied them as baseless, according to a Reuters report.

Nokia shares hit a 13-year low today at $6.71 per share after an initial jump this morning as the rumors began to circulate. Over the last two days, shares in the company have been declining. The phone maker warned that latching on to Windows Phone 7 and firing 7,000 employees will not guarantee a profit for the fiscal quarter.

Nokia is expected to release its first phone running Windows Phone 7 by the end of this year.

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