China has graced Nokia’s proposed deal to acquire French telecoms company Alcatel-Lucent for €15.6 billion ($17.6 billion), following some set legislation control trust process.
According to the East Asian country’s ministry of Commerce, some terms were laid down that Nokia had to meet by early December before the acquisition could be approved, including the use of wireless telecommunication standards and patent licensing.
This was done all in a bid to make sure, ensuing the deal been closed, competition in the country isn’t hit hard (anti-monopoly), the ministry also said.
“We are pleased to have received clearance from MOFCOM for our proposed acquisition of Alcatel-Lucent. Completion of the material antitrust reviews is another significant milestone in the transaction, as we ready ourselves for operating as a combined company,” Nokia’s CEO Rajeev Suri said following the Ministry of Commerce approval today.
The Finnish telecom OEM while still in talks with the country, trying to demonstrate some deep commitment plans, two months ago, agreed to partner with state-owned Huaxin to form a joint venture firm called Nokia Shanghai Bell, which will be created as part of the Alcatel deal.
“Through Nokia Shanghai Bell, 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.” Rajeev noted.
All that remains before Nokia proceeds with filing of the all-share offer deal in early 2016, is some French Government approval from the country’s Ministry of Economy.
Credits: Wale Eseyin
Posted by: thebrandradioblog.