Nokia begins squeeze-out of Alcatel-Lucent Oceanes after near buyout

By Susanna Moon

Chicago, Nov. 2 – Nokia Corp. began a squeeze-out on Wednesday for Alcatel-Lucent’s shares, Oceanes due 2019 and Oceanes due 2020 after acquiring more than 99% of the convertible bonds in the buyout ended Monday.

In a public buyout offer, Nokia acquired 56,675,006 Alcatel-Lucent shares, 6,739,391 Alcatel-Lucent exchangeable bonds due Jan. 30, 2019 and 4,907,451 Alcatel-Lucent exchangeable bonds due Jan. 30, according to a company notice.

As a result of the buyout, Nokia holds 3,430,520,315, or 96.92%, of shares; 89,348,185, or 99.99%, of Oceanes due 2019; and 27,140,985, or 99.69%, of Oceanes due 2020. The holdings correspond to 97.01% of the Alcatel-Lucent shares on a fully diluted basis, the company said.

In the squeeze-out, the shares and Oceanes not tendered into the buyout offer will be transferred to Nokia for the same price as that of the buyout offer, or €3.50 per Alcatel-Lucent share, €4.51 per 2019 Oceane and €4.50 per 2020 Oceane, net of all costs.

Alcatel-Lucent’s Shares and Oceanes were delisted from the regulated market of Euronext Paris on Wednesday.

Societe Generale Securities Services is in charge of the centralization of the squeeze-out.

As previously reported, the company acquired 9,614,661 Oceanes due 2019, 2,290,001 Oceanes due 2020 and 24,392,720 Alcatel-Lucent shares in June and began a 10-day public buyout offer for the remaining securities on Sept. 21.

Then the company extended the buyout offer until further notice on Oct. 4, because the French stock market authority, known as AMF, said a legal action was filed before the Paris Court of Appeal on Sept. 30 for annulment of the AMF's clearance decision regarding the offer.

Nokia said on Oct. 25 that the public buyout offer period would end on Oct. 31, with the squeeze-out to be implemented on Nov. 2.

Espoo, Finland-based Nokia is a wireless telecommunications equipment maker. Paris-based Alcatel-Lucent is a voice, data and video communication services provider.

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