DJ Alcatel/Lucent/360 Networks -2: Studies 360's New Plan
26 Apr 06:05
PARIS (Dow Jones)--French telecommunications equipment supplier Alcatel SA
(ALA) has made an initial bid for the optical fiber unit of U.S. group Lucent
Technologies (LU), Alcatel Chairman Serge Tchuruk confirmed Thursday.
"Alcatel has made an initial offer. We'll see how things evolve," Tchuruk
said at a press conference.
Four groups - Alcatel, Italy's Pirelli SpA (I.PIR), Japan's Furukawa Electric
Co. (J.FUR) and JDS Uniphase Corp. (JDSU) of the U.S. - are believed to have
bid for Lucent's optical fiber unit.
Tchuruk declined to specify the amount of Alcatel's bid for the unit, which
is the world's second-largest optical fiber group.
Meanwhile, Alcatel is studying a new business plan for troubled Canadian
company 360 Networks (TSIX), in which it has invested $700 million in
convertible bonds, Chief Financial Officer Jean-Pierre Halbron said Thursday.
Alcatel has set aside a provision, the amount of which it hasn't disclosed,
to compensate for the potential conversion of 360 Networks's bonds.
360 Networks can force Alcatel to convert its bonds into shares from 2003.
Alcatel also has a $1.5 billion firm contract with 360 Networks to build a
transpacific submarine network.
The contract doesn't include a termination clause, said Christian Reinaudo,
head of Alcatel's optics division.
-By Valerie Venck, Dow Jones Newswires; 331-4017-1740;
valerie.venck@dowjones.com
-0- 26/04/01 10-05G
(END) DOW JONES NEWS 04-26-01
06:05 AM |
