A month after announcing its partnership with Microsoft, Nokia seems to have started working on its first Windows Phone 7 device. The info comes from CEO Stephen Elop, mentioning to Reuters that Nokia is developing the device based on the MS platform.

We remind you that Elop was once part of Microsoft and he moved to Nokia, becoming its CEO and probably helping with the partnership between the two companies. As the Finns started working on Windows Phone devices, analysts predict a buyout attempt from Microsoft, with Nokia as the target.

Elop denies such an interest from the software giant and claims that this is a mere partnership helping both brands. Also, such a buyout would cause antitrust investigations and huge scandals, plus delays of products and nobody wants that. We’re expecting the first handset in 2012, the fruit of the cooperation between these two giants.

Meanwhile, let’s hope Nokia doesn’t lose its fans as it has lost share value, that dropped 29% since the announcement of the partnership.

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