Advertisement
Australia markets closed

  • ALL ORDS

    7,937.90
    +35.90 (+0.45%)
     

  • AUD/USD

    0.6456
    +0.0004 (+0.07%)
     

  • ASX 200

    7,683.50
    +34.30 (+0.45%)
     

  • OIL

    81.28
    -0.62 (-0.76%)
     

  • GOLD

    2,315.70
    -30.70 (-1.31%)
     

  • Bitcoin AUD

    102,488.38
    +415.96 (+0.41%)
     

  • CMC Crypto 200

    1,420.34
    +5.58 (+0.39%)
     

Alcatel-Lucent boss to go without 2.4 mn euro golden parachute

AFP
Telecom equipment maker Alcatel-Lucent's Chief Executive Officer Michel Combes gives a press conference, on April 15, 2015 in Paris

The boss of French telecoms equipment maker Alcatel-Lucent has confirmed that he will not be taking his 2.4-million-euro "golden parachute" after the firm was swallowed up by its rival Nokia this week.

Michel Combes, who has headed the French-American company since 2013, is due to step down as part of the 15.6-billion-euro ($16.6 billion) deal to create the world's biggest supplier of mobile phone network equipment

With fears that French jobs may be at risk, and the management of the new merged company moving to Nokia's Finland base, Combes told French BFM Business radio Wednesday that he would refuse a leaving bonus he was entitled to.

An Alcatel-Lucent spokesman also confirmed that he would not be taking performance-related shares benefits either.

ADVERTISEMENT

French President Francois Hollande said he supported the deal on "two conditions" -- that "jobs are guaranteed in France" and that research in France is "increased".

Finnish Finance Minister Antti Rinne said last week that the takeover could threaten more jobs in Finland than in France.