Nokia Corporation (ADR) (NYSE:NOK) announced that it has received approval from the European Commission for its pending acquisition of Alcatel-Lucent. The proposed transaction was notified to the European Commission on June 19, 2015 and was cleared today without conditions following a Phase 1 review.
Approval by the European Commission follows previously disclosed antitrust clearances in Brazil and Serbia and the expiration of the antitrust review period in the United States. In addition, the parties confirmed today they have received further antitrust clearances from Albania, Canada, Colombia and Russia. Both companies will continue to cooperate with the remaining authorities to close their reviews as quickly as possible.
The transaction remains subject to approval by Nokia shareholders, Nokia holding over 50.00% of the share capital of Alcatel-Lucent on a fully diluted basis upon completion of the public exchange offer, receipt of other regulatory approvals and other customary conditions. The transaction is expected to close in the first half of 2016. (Original Source)
Shares of Nokia Corp closed yesterday at $6.72. NOK has a 1-year high of $8.73 and a 1-year low of $6.26. The stock’s 50-day moving average is $6.93 and its 200-day moving average is $7.32.
On the ratings front, Nokia has been the subject of a number of recent research reports. In a report issued on June 29, Wells Fargo analyst Maynard Um reiterated a Hold rating on NOK. Separately, on June 23, Canaccord Genuity’s Siddharth Sinha reiterated a Buy rating on the stock and has a price target of $10.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Maynard Um and Siddharth Sinha have a total average return of 11.7% and 22.2% respectively. Um has a success rate of 58.5% and is ranked #457 out of 3714 analysts, while Sinha has a success rate of 66.7% and is ranked #1054.
The street is mostly Neutral on NOK stock. Out of 11 analysts who cover the stock, 7 suggest a Hold rating and 4 recommend to Buy the stock. The 12-month average price target assigned to the stock is $8.60, which implies an upside of 28.0% from current levels.
Nokia Oyj is a mobile communications company. The Company has three business: Networks, HERE, and Technologies and four business segments: mobile Broadband and Global Services within Networks, HERE, and Technologies.