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Trouble in Nokia-Alcatel land?
Alcatel-Lucent's second-largest shareholder is not impressed with the EUR 15.6 billion proposed by Nokia.
Investment group Odey Asset Management believes that Nokia has undervalued the French company, according to a report in the Financial Times.
“The deal has been dressed up as a takeover of Alcatel by Nokia,” a fund manager stated In a quarterly update to its investors. However, the premium offered suggests – he continues – a merger instead. “We therefore find the terms of the deal unacceptable,” the report continues.
To be more precise, Odey will not tender its shares, a filing to French financial regulators indicates.