Nokia wraps squeeze-out for Alcatel shares

James Pearce
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Finnish giant bought Alcatel-Lucent in €15.6bn deal that closed in January

The offer period for Nokia’s public buy-out of the remaining shares in Alcatel-Lucent has expired, with results set to be published tomorrow.

The Finnish firm announced the end of the offer period, in which existing holders of Alcatel-Lucent shares could tender their securities into the offer, ended yesterday (31 October).

France’s AMF stock market authority will publish the results on 2 November, to coincide with the squeeze-out of the untendered securities, which will be transferred to Nokia for the same price as the public buy-out.

Nokia bought an 80% stake in its French rival for €15.6 billion in 2015, but failed to persuade all shareholders to accept the takeover. The two firms have been operating as one since January but are still legally separate until Nokia completes a 100% takeover.

In September, it announced a squeeze-out in an attempt to acquire the rest of the shares in the infrastructure company, which has now closed.

In addition to offering to buy up remaining shares, Nokia is offering to buy up old Alcatel-Lucent bonds that would have been convertible into shares in Alcatel-Lucent in January 2019 and January 2020.

Nokia holds 95.32% of the share capital and 95.25% of the voting rights of Alcatel-Lucent, corresponding to 95.15% of the Alcatel-Lucent share capital on a fully-diluted basis. That means it has crossed the 95% ownership thresholds in Alcatel-Lucent that allow it to take the ownership up to 100%.