Nokia agrees on ‘Shanghai Bell’ joint venture with China Huaxin


The Nokia headquarters is seen in Espoo

Finnish telecom equipment maker Nokia (NOKIA.HE) said it had agreed to create a Chinese joint venture with Huaxin in a move that could pave the way for China’s approval for Nokia’s proposed takeover of Alcatel-Lucent (ALUA.PA).

The joint venture, to be named Nokia Shanghai Bell, will be built upon a similar, long-time joint venture between France’s Alcatel-Lucent and China Huaxin, which is a state-owned Chinese investment company.

According to a memorandum of understanding, Nokia said it expects to hold 50 percent plus one share in the new joint venture, with Huaxin holding the remaining shares.

http://www.reuters.com/article/2015/08/28/us-nokia-china-idUSKCN0QX16B20150828