Alcatel-Lucent's board has backed the proposed merger with Nokia Networks, bringing the €15.6 billion ($17.3 billion) deal one step closer to completion
Alcatel-Lucent's French Group Committee – the committee tasked with representing the interests of its French employees - does not oppose the proposal for Nokia to acquire Alcatel-Lucent, the company revealed.
This was a condition of a proposed merger going through, and was enough to get the Alcatel-Lucent board to sign off on the deal.
But the merger still requires the approval of Alcatel-Lucent shareholders, as well as regulators in various countries.
"The board is very pleased to see that the consultation of Alcatel-Lucent's French Group Committee on the proposed combination with Nokia has been completed in line with the contemplated timing,” Alcatel-Lucent chairman Philippe Camus said in a statement.
He added that the committee “encourages both teams to continue working towards the creation of a European champion and global leader in ultra-broadband, IP networking and cloud applications, for the benefit of our clients, employees and shareholders."
In April, Nokia offered to acquire Alcatel-Lucent in a share-swap deal valued at €15.6 billion, a 34% fully diluted premium on the vendor's trading price.
Nokia has already made commitments including agreeing not to cut more jobs in France in terms of volume, in a bid to make the deal more palatable for French regulators.