Nokia said its public offer for Alcatel-Lucent had been a success, and that it will now “move quickly to combine the two companies and execute our integration plans”.

“As of 14 January 2016, Nokia and Alcatel-Lucent will offer a combined end-to-end portfolio of the scope and scale to meet the needs of our global customers. We will have unparalleled R&D and innovation capabilities, which we will use to lead the world in creating next-generation technology and services,” said Rajeev Suri, president and CEO of Nokia.

Subject to final numbers from the French stock market authority, Autorite des Marches Financiers, and assuming certain financial conditions, Nokia will own 79.32 per cent of the share capital and at least 78.97 per cent of the voting rights in Alcatel-Lucent.

Following closing of the €16B deal (and subject to shareholder approval), Nokia is planning a €7 billion programme to “optimise its capital structure and return excess capital to Nokia shareholders” – although none of the €4 billion it intends to distribute will go to remaining Alcatel-Lucent owners.

Nokia will also re-open its offers for Alcatel-Lucent shareholders in France and the US, stating that it “believes it is in the best interests of Alcatel-Lucent shareholders to tender their remaining securities”.

It also said that if it reaches 95 per cent ownership of the share capital and voting rights of Alcatel-Lucent, it intends to squeeze out the remaining shares.