Canada’s troubled Blackberry rules out sale

Share tumbles as smartphone maker replaces CEO and cancels deal with private equity firm in surprise decisions.

The troubled smartphone company Blackberry says it is no longer for sale and is replacing its chief executive officer.

John Chen, a US-based technology executive with a reputation for turning around troubled companies, replaces Thorstein Heins, who had been Blackberry’s CEO for less than two years.

The announcement came on the day Fairfax, a Canadian private equity firm, was due to finalise plans to buy Blackberry for $4.7bn.

But as Al Jazeera’s Daniel Lak reports from Toronto, the company’s surprise announcement has sent the company’s shares tumbling.

Source: Al Jazeera