Now it appears the $17 billion deal to acquire Alcatel Lucent (NYSE:ALU), a leading European networking solutions provider, could be finalized much sooner than the targeted mid-2016 closing initially announced.
Alcatel Lucent SA (ADR) (NYSE:ALU) plans to update on its new growth strategy later this year. The company is entering the final leg of its turnaround plan and CEO, Michel Combes, said he remains focused on completing the process successfully.
It was a big contract win for Alcatel Lucent SA (ADR) (NYSE:ALU). The company was awarded a big 4G deal by China Telecom, which would make it one of the three top suppliers of high-speed mobile broadband access.
Alcatel Lucent SA (ADR) (NYSE:ALU)'s newly appointed CEO, Michel Combes, recently announced plans to cut costs. Combes said he aims to raise 2 billion euros ($2.7 billion) by 2015 through job cuts and asset sales.
Over the past couple of years, Paris-based Alcatel Lucent SA (ADR) (NYSE:ALU) has been going down a rocky road, struggling to put its finances in the black while reeling under the burden of cutthroat competition.