Alcatel slips 12%, Nokia up 3% post $16.6 bn deal

NEW DELHI: Stocks of Alcatel-Lucent slumped as much as 11.5 per cent in trade, erasing much of Tuesday's 16 per cent rise after the company revealed details of the $16.6 billion mega merger deal with Nokia.

The stock traded at 4.04 euros on Paris Stock Exchange.

Nokia, which was on the receiving end on Tuesday, climbed nearly 5 per cent post the announcement. The scrip traded at 7.84 euros on Helsinki Stock Exchange.

The all share deal has eased fears of Nokia overpaying for French company. The details though disappointed investors of Alcatel, who were expecting part-cash offer to be made, trader at bulge bracket investment bank says.

Euro Stoxx 50, which tracks 50 blue chip euro zone stocks, climbed 0.5 per cent to 3,801.28.