Nokia shareholders approve Alcatel-Lucent merger

The Finnish company hopes the merger will help it become the world's number one network equipment and service provider

HELSINKI: Helsinki, Dec 2, 2015 (AFP) - Shareholders in Finnish telecom group Nokia approved the company's acquisition of French-American rival Alcatel-Lucent at an extraordinary general meeting in Helsinki on Wednesday.

They backed the merger plan without a vote, since none of the shareholders present raised any objections.

"While our portfolios are highly complementary, our cultures have many similarities," chief executive Rajeev Suri said about the deal.

"The strategic logic remains as compelling today as on the day when we announced the transaction," he added.



Nokia's President & CEO Rajeev Suri speaks at the Extraordinary General Meeting (EGM) of Nokia Corporation on December 2, 2015 at Helsinki Ice Hall. PHOTO: AFP

Once the world's top mobile phone makers, Nokia hopes the merger will help it become the world's number one network equipment and service provider, with the combined revenue of both companies standing at nearly 25 billion euros ($26.5 billion).

The next step is for the Finnish group to conclude its public exchange offer in which it is offering 0.55 Nokia shares for each Alcatel-Lucent share.