Alcatel Seeks Approval for Lucent Deal

8/23/2006 8:05 AM Eastern

Lucent Technologies filed a formal notice with the U.S. Committee on Foreign Investment (CFIUS) seeking approval of its $10.4 billion purchase by France's Alcatel, Reuters reported.

The agreement already passed antitrust scrutiny in the United States and Europe, but the CFIUS must approve foreign acquisitions of U.S. companies, according to Reuters.

Alcatel told Reuters it began a series of meetings with top investors Wednesday to secure backing for the deal at shareholder meetings Sept. 7.

The value of the deal is down about 23% since it was announced in April due to a drop in the two equipment companies' stock prices, Reuters reported.

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