The French stock market regulator revealed on Wednesday that Finnish telecom group Nokia has been unsuccessful in its endeavor to get its hands on 100 percent of shares in newly-attained opponent Alcatel-Lucent.
Nokia Fails to Acquire Leftover Alcatel-Lucent Shares
Nokia revived its bid after winning almost 80 percent of the French-American company last month, expecting that all remaining shareholders would provide their holdings.
The regulator revealed that after the second round of bidding, Nokia was still left with only 91.25 percent in Alcatel-Lucent, hence failing to reach the 95 percent verge that would have endorsed it to make a clean sweep by delisting all left over shares from the Paris stock exchange.
Nokia Corporation is a Finnish multinational communications and information technology company. The company presently focuses on large-scale telecommunications infrastructures, and technology development and licensing. Nokia is also a key contributor to the mobile telephony industry, having helped in development of the GSM and LTE standards, and was, for a period, the leading vendor of mobile phones in the world. Nokia’s dominance also extended into the smartphone industry through its Symbian platform.
Now Nokia has the opportunity of buying those shares in the open market, but perhaps at a higher price than its original offer. The Finnish company had offered 0.55 Nokia shares for each Alcatel-Lucent share in the takeover.