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Nokia publishes offer for remaining Alca-Lu shares

Finnish line in sight

Nokia's acquisition of Alcatel-Lucent has entered the home straight, with the Finnish company publishing its offer for all outstanding shares in the target.

The offer covers Alcatel-Lucent ordinary shares, American depository shares (ADS), and OCEANE convertible bonds, which will be converted either to Nokia shares or Nokia American depository shares.

Alca-Lu ordinary shares and ADS will be swapped for 0.55 Nokia ordinary shares or ADS, while OCEANE bond values will depend on their due date: 0.693 Nokia share for bonds due July 1, 2018, and 0.704 Nokia share for later bonds.

The acquisition, announced in April, got European Union approval in July. The share offer that completes the process followed an approval by France's stock exchange regulator earlier this month.

With regulators and legal niceties all lined up, and investors happy about the deal, we're now in dotting I's and crossing T's territory. Now all that Nokia and Alca-Lu need to do is the hard work of actually combining the companies. Which will doubtless mean blood-letting in the back office, late and/or failed attempts at integrating products, FUD-flinging by rivals who hint that some products or service offerings are going away and an eventual triumphant declaration that one plus one equalled 1.8 which is about as good as it gets after a big acquisition or merger. ®

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