Nokia Corp. (NOK) Wednesday said it received all the required regulatory approvals to acquire Alcatel-Lucent, as it received the French Ministry of Economy's approval for the transaction. Earlier on October 19th, the company has received antitrust clearance from the Chinese Ministry of Commerce or MOFCOM.
Nokia President and CEO, Rajeev Suri said, "We firmly believe that this combination is a long-term value creation opportunity for both sets of investors and other stakeholders."
Nokia announced the offer to acquire its minor French rival Alcatel-Lucent in $16.6 billion all stock deal in last April.
Upon approvals, Nokia is planning to proceed with the filing of the Exchange Offer for Alcatel-Lucent securities. Once the Exchange Offer period opens, the proposed transaction will remain subject to approval by Nokia shareholders and the successful closing of the Exchange Offer. The initial Exchange Offer settlement date is expected to be in the first quarter of 2016.
Nokia will offer 0.55 of a newly issued ordinary share of Nokia in exchange for each ordinary share of Alcatel-Lucent issued and outstanding and tendered into the Exchange Offer. An equivalent offer will be made for each outstanding class of Alcatel-Lucent OCEANEs.
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