Chinese nod for Nokia’s planned deal
Print Edition
CHINA’S Ministry of Commerce yesterday approved Nokia’s proposed acquisition of French rival Alcatel-Lucent with conditions, almost completing the 15.6-billion-euro (US$17.6 billion) deal’s antitrust process.
The ministry said the Finnish telecom network equipment maker had agreed to meet certain terms by December 10, mainly relating to the use of wireless telecommunication standards and patent licensing.
The terms were imposed in keeping with China’s anti-monopoly regulation to ensure market competition isn’t harmed by the takeover, it added in a statement on its website.
As part of its talks with China, Nokia in August agreed to create a joint venture, Nokia Shanghai Bell, with China’s state-owned Huaxin.
“We look forward to maintaining our deep commitment to China and playing a key role in the country’s shift towards an innovation-driven economy,” Nokia CEO Rajeev Suri said in a statement yesterday.
Nokia and Alcatel still need formal approval from the French government.
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