Nokia’s exchange offer for Alcatel-Lucent approved by French authority

By Wendy Van Sickle

Columbus, Ohio, Nov. 12 – Nokia Corp.’s public exchange offer for the securities of Alcatel-Lucent has been approved by the French Stock Market Authority, according to a Thursday press release.

As previously reported, Nokia intends to acquire all ordinary shares, American Depositary Shares and convertible bonds issued by Alcatel-Lucent through a public exchange offer in France and in the United States. Alcatel-Lucent securities will be exchanged for Nokia shares in the French offer and Nokia shares or Nokia ADSs in the U.S. offer.

Nokia expects that the exchange offer will be opened on Nov. 18, closed on Dec. 23 and settled on Jan. 7.

If the exchange offer is successful, it will reopen on Jan. 14, close on Feb. 3 and settle on Feb. 12. Once the exchange offer opens, the proposed transaction will be subject to approval by Nokia shareholders and the satisfaction of the minimum tender condition set at more than 50% of Alcatel-Lucent's share capital on a fully diluted basis, unless such condition is waived in accordance with applicable law and regulation.

Espoo, Finland-based Nokia is a wireless telecommunications equipment maker. Paris-based Alcatel-Lucent is a voice, data and video communication services provider.

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