Finland's Nokia said on Monday it has gained control of French rival Alcatel-Lucent following its 15.6-billion-euro ($17 billion) all-share offer and the two telecom equipment makers would combine on Jan. 14.
The French stock market authority said interim results showed Nokia would hold around 79 percent of Alcatel shares. The offers in France and the United States will be reopened this month, and the final results will be published in February. "We will move quickly to combine the two companies and execute our integration plans," Nokia Chief Executive Rajeev Suri said in a statement.
Nokia reiterated that the deal is expected to be closed in the first quarter. The Alcatel acquisition will vault Nokia into a stronger position to compete with Sweden's Ericsson and China's Huawei [HWT.UL] in a market for telecom network gear where little growth and tough competition are pressuring prices, according to Reuters. -Mithun