Allianz Technology Share Discussion Threads

[ariane] 02/12/2006 09:21

Posted on Sat, Dec. 02, 2006email thisprint this
Alcatel-Lucent offers glimpse of strategy
LAURENCE FROST
Associated Press
PARIS - Alcatel-Lucent opened for business Friday as one of the world's biggest telecom gear makers, signaling a new push into enterprise markets eight months after Alcatel agreed to buy U.S. rival Lucent in a deal worth $11.6 billion.

Former Lucent CEO Patricia Russo, who heads the new group from Paris, played down cultural differences that could hinder implementation of the combination completed Thursday between Paris-based Alcatel SA and New Jersey-based Lucent Technologies Inc.

"I don't want to be naive about the challenges of integration but I think there's an awful lot of commonality we are working from," Russo told a joint news conference in Paris with Serge Tchuruk, the former Alcatel boss who is staying on as non-executive chairman.

Alcatel-Lucent also displayed its new logo - an infinity sign over a purple background that Russo said conveyed "warmth" as well as distinction - as shares of Alcatel-Lucent began trading in Paris and New York. The stock fell 0.6 percent to close at 10.06 euros ($13.28) in Paris.

With combined sales of 18.6 billion euros ($24.5 billion) in 2005, excluding businesses sold off, Alcatel-Lucent overtakes LM Ericsson AB's 16.4 billion euros ($21.6 billion) in revenue to control about 18 percent of the fiercely competitive market for telecom gear.

Some analysts remain concerned about the pitfalls, however. The combination will be "difficult at best," Edward Snyder of Charter Equity Research predicted. "You're blending two cultures and you're doing that on such a huge scale, there have to be layoffs and buyouts and that poisons the atmosphere."

Some analysts rem ain concerned about the pitfalls, however. The marriage will be "difficult at best," Edward Snyder of Charter Equity Research predicted. "You're blending two cultures and you're doing that on such a huge scale; there have to be layoffs and buyouts and that poisons the atmosphere."

Russo declined to give any details of previously announced plans to shed 9,000 jobs - about 10 percent of the combined work force. The cuts will be completed in coming months, she said, "now that we are into execution mode as of today." Job losses are expected to generate about half of the 1.4 billion euros ($1.8 billion) pretax savings promised within three years.

Russo also fielded repeated questions about a promise she made in April to improve on her high-school French. Answering in English, she conceded she had not yet found time to make much progress. Alcatel-Lucent's working language was English, she added.

Much of Alcatel's staff has long been required to work in English, but there are signs that the trans-Atlantic combination has raised sensitivities. Union leaders at one Alcatel site issued a statement Friday condemning "discrimination through the compulsory use of English" and invoking a 1994 law that requires France-based employers to use French for key internal documents.

Although the tie-up was billed as a "merger of equals," former Alcatel shareholders control about 60 percent of the combined company.

Analysts say the Alcatel-Lucent product line is well suited to so-called "triple-play" networks combining Internet, phone and television, as well as hardware that fuses fixed-line and mobile phone services - another growth area.

The company is "uniquely positioned" to supply networks delivering TV over the Internet, or IPTV, Russo said. "We see this as a market that will continue to grow."

She also pledged to push "more aggressively into the enterprise market," developing equipment and services tailored for specific industries. "Think of health care, or think of financial services," she said.

Building on earlier consolidation in the sector, Alcatel-Lucent will also be better able to resist growing price pressure after a wave of mergers and acquisitions among their customers, the phone network operators. Alcatel agreed to buy Nortel's third-generation UMTS mobile networks earlier this year. Nokia Corp. and Siemens AG announced a joint venture in June, eight months after Ericsson bought Marconi.

Unlike either Alcatel or Lucent alone, the combined company commands a strong, evenly distributed presence around the globe. Europe, North America and Asia each supply close to one-third of revenue, spreading any risk from local economic shocks.

The new 14-member Alcatel-Lucent board comprises six former Alcatel directors and six from Lucent, as well as two newly appointed independent European directors: Jean-Cyril Spinetta, chairman and CEO of Air France-KLM, and British businesswoman Sylvia Jay, who also sits on the boards of L'Oreal UK and Compagnie de Saint-Gobain, the French construction materials maker.

---

AP Business Writer Linda A. Johnson in Trenton, N.J., contributed to this report.

---

On the Net: www.alcatel-lucent.com

[ariane] 01/12/2006 21:10

Alcatel-Lucent Favored by Banc of America, Prudential (Update1)
By Ari Levy

Dec. 1 (Bloomberg) -- Shares of Alcatel-Lucent, the world's biggest maker of telecommunications gear, will gain as the newly formed company reduces costs and adds clients, Banc of America Securities and Prudential Equity Group Inc. predicted.

The company, the result of Alcatel SA's $11.6 billion purchase of Lucent Technologies Inc. yesterday, will profit as more customers seek to offer Internet-based television, or IPTV, and wireless broadband, Banc of America analyst Tim Long and Prudential's Inder Singh said in reports today.

Long initiated coverage with a ``buy'' recommendation and Singh rates the stock ``overweight.'' The combination gives Alcatel-Lucent better products in sectors with faster-growing sales, and will help the company increase operating margins to 15.5 percent in 2008 from 12.4 percent next year, Long said.

``We believe the shares are very attractive at current levels, particularly since margins are growing,'' he said. Operating margins are profit minus the cost of goods sold and selling, general and administrative expenses.

Before the deal, Long rated Alcatel ``buy'' and Lucent ``neutral.'' Singh had ``overweight'' ratings on both.

Long's 12-month price estimate of $15 for Alcatel-Lucent is 13 percent higher than where the shares started trading. Alcatel- Lucent's American depositary receipts, which are equal to one ordinary share in France, rose 1 cent to $13.29 as of 2:31 p.m. on the New York Stock Exchange.

The combination of Paris-based Alcatel and Murray Hill, New Jersey-based Lucent created a company with annual sales of about $25 billion, surpassing Stockholm-based Ericsson AB. Alcatel- Lucent forecast cost savings of 1.4 billion euros ($1.86 billion) in three years and plans to cut 9,000 jobs worldwide.

`Formidable' Competitor

``The company appears well positioned to remain a formidable competitor in the industry,'' wrote Singh, who has a $23 share- price forecast over the next 12 to 18 months. He expects 12,000 to 13,000 job cuts, ``which would accelerate merger savings into 2008.''

Banc of America didn't participate in the deal, announced in April. Goldman Sachs Group Inc. advised Alcatel and JPMorgan Chase & Co. and Morgan Stanley provided advice to Lucent.

To contact the reporter on this story: Ari Levy in San Francisco at [e-mail] .

Last Updated: December 1, 2006 14:38 EST

[ariane] 01/12/2006 20:41

Alcatel-Lucent forms independent unit for US government work

MURRAY HILL, New Jersey (AFX) - Alcatel-Lucent, formally created by
yesterday's merger between Alcatel and Lucent Technologies, said it has created
LGS, an independent subsidiary, that will do work exclusively for the US
government.
The group said LGS, which will have its headquarters in Vienna, Virginia,
will be created by joining employees from Lucent's Government Solutions unit,
Alcatel Government Solutions and Lucent's Bell LabsGovernment Communications
Lab.
The move is expected to be completed in January and the new company will
have its own leadership and board of directors, Alcatel-Lucent said.
[e-mail]
wj

[waldron] 28/11/2006 16:58

EU opens in-depth inquiry into Thales buy of Alcatel, Telespazio space ops jvs

BRUSSELS (AFX) - The European Commission said it has opened an in-depth
inquiry into the proposed acquisition by Thales of Alcatel's shareholdings in
the French and Italian space joint ventures Alcatel Alenia Space (AAS) and
Telespazio.
The ventures are currently jointly controlled by Alcatel and Finmeccanica
SpA.
Through the transaction, Thales will acquire Alcatel's 67 pct shareholding
in AAS and its 33 pct shareholding in Telespazio.
The commission said its initial market investigation found that the
transaction gives rise to competition concerns.
It said its concerns centre on the combination of Thales's dominant position
for travelling wave tubes (TWTs), a "critical component" for telecommunications
satellites, and AAS's activities as a manufacturer of satellite subsystems and
components, as well as a satellite prime contractor.
The EU executive said Thales proposed commitments offering some measures for
separation and firewalls between its space TWT business and AAS, as well as a
commitment related to non-discrimination in the supply of space TWTs.
However, it said these commitments are not sufficiently "clear-cut" to
"remove with sufficient certainty" the serious doubts about the effects on
competition.
It said it needs to assess "many other factors" such as the position of
other market players for related satellite subsystems and components.
The proposed concentration is part of a more global operation between
Alcatel and Thales which also includes Thales's acquisition of Alcatel's
activities relating to rail signalling, supervision and systems integration.
This part of the operation was cleared by the commission on Nov 7.
The commission now has 90 working days -- until April 17 next year -- to
take a final decision on whether the concentration would significantly impede
effective competition within the European Economic Area.
EU competition commissioner Neelie Kroes said: "Space is a key sector for
the European high-tech industry. The impact of this major restructuring needs to
be carefully assessed to ensure that competition is preserved."
Thales, jointly controlled by the French state and Alcatel, is active in the
development and integration of critical information systems for the defence,
aeronautics and transport industries and for civil security.
Finmeccanica is a diversified engineering group active in aerospace, defence
systems, energy, communications, transportation and automation.
AAS is active in the manufacture of ground and space systems, including
satellites and subsystems and equipment for satellites.
Telespazio provides services and end-user applications using or related to
satellite-based solutions and products.
[e-mail]
sz/joy

[ariane] 28/11/2006 09:54

Alcatel vs. Microsoft - What's Really Going On
Submitted by colin_dixon on November 27, 2006 - 3:25pm.
With last week's announcement that Alcatel is suing Microsoft over patent infringement, a new chapter in the complex and decaying relationship between the two industry giants has startedi. According to Alcatel, it is simply protecting its intellectual property. According to Microsoft, the suit is merely related to its dispute with Lucent over X-Box video processing.

Is either company being completely honest? Of course not! In Alcatel's case, it is an error of omission; in Microsoft's, it is an error of legitimacy.

The History

Alcatel filed two separate lawsuits against Microsoft on Friday, November 17 in a federal court in Tyler, Texasii. While specifics are few, we know that three of the seven patent infringements alleged against Microsoft relate directly to Microsoft's IPTV solution. The patents in question stem from the work of three brilliant Oracle engineers: Mark Porter, Dave Pawson, and Dan Weaver. Along with many other team members, these three engineers developed the Oracleiii Video Server and came up with some very creative solutions in the area of 'trick play' (fast-forward and rewind) features, three of which were patented. These patents were sold in 2000 to Thirdspace, a company which Alcatel eventually acquired in April 2003.

When Alcatel announced its partnership with Microsoft in February 2005, some of the ex-Oracle engineers helped with the integration of Microsoft's IPTV solutioniv, working closely with Microsoft engineers in Mountain View. Today, several ex-Oracle employees, including some very senior engineers from the video server team, now work for the Microsoft IPTV group. Is it likely that the IP covered in the three patents was transferred to the Microsoft IPTV products in the process? This seems extremely likely. Could these patents have anything to do with X-Box? Extremely unlikely.

But why would Alcatel choose this moment to file a lawsuit? Isn't Microsoft a key partner in Alcatel's IPTV offering?

The Histrionics

To understand the answers to these questions we must look at how the relationship between Microsoft and Alcatel is working in practice. TDG believes that the Alcatel/Microsoft partnership was more tactical than strategic. In 2004 and 2005, these two companies had a common desire to appear as a 'unified front' to their mutual customer AT&T. Moreover, they had a keen interest in showcasing executive-level accord and alignment and to reassure AT&T executives of the future of the platform.

However, the rapid acceleration of Cisco - bolstered by its 2005 acquisition of Scientific-Atlanta - drove a sizeable wedge between Alcatel and AT&T. Specifically, AT&T ended up allocating its IPTV video network integration to Scientific-Atlanta, a major blow to Alcatel's importance in this project.

In that context, the Microsoft IPTV solution was just becoming one of many technology products and pieces to integrate.

Solutions? We Got Solutions!

When Alcatel announced its partnership with Microsoft in 2005, the company said it would support Microsoft's IPTV platform to its customers. However, Alcatel was careful enough to continue funding its OMP (Open Media Platform, acquired by Alcatel from iMagicTV). Indeed, this solution continues to be operational in several accounts (for example, Free in France and Telecom Italia) and Alcatel continues to sign up sales as these businesses grow and increase licensed deployments.

With the Lucent merger, Alcatel also will now own a second IPTV solution - MyViewTV, a solution based on a platform developed for the Telefónica system in Spain and which currently supports some 300,000 subscribers. Lucent is extremely confident that this solution will continue to thrive long after the Alcatel merger, so it would seem that Alcatel is awash in software solutions for IPTV: two internal and the Microsoft solution (from its 2005 partnership).

The Bottom Line

With integration and deployment delays at AT&T (not the least being the recent HDTV-related setbacks), clearly Alcatel is getting far less from this partnership than Microsoft. Indeed, senior management at Alcatel must be wondering why they need Microsoft at all with two in-house software solutions that are proven and scalable.

In this context, TDG believes that the current patent lawsuits will help Alcatel in several ways.

It puts pressure on Microsoft to honor the spirit of the partnership;
It helps position an internal solution well against the Microsoft IPTV solution; and
At the very least, there is smoke around three of the patents, if not the smoking gun.
With the situation as it stands today the Alcatel/Microsoft partnership seems headed for a messy court battle and a very public collapse of the IPTV industry's most visible partnership. Alcatel seems very well positioned to emerge from the debacle with a robust solution, a strengthened technology portfolio, and a market advantage over its former partner/emerging competitor, Microsoft.

A PDF version of this article can be downloaded here.

About the Author

Colin Dixon oversees TDG's IP Media consulting team including rich media, DTV, and IPTV. He has held senior executive positions at Microsoft/WebTV, Liberate and Oracle where he was responsible for technology and business teams delivering to the Cable, Satellite and IPTV industries.

About The Diffusion Group (TDG)

The Diffusion Group is a strategic research and consulting firm focused on the new media and digital home markets.

Footnotes:

i The cases are Alcatel USA Resources v. Microsoft Corp., 06-cv-499 and 06-cv-500, U.S. District Court, Eastern District of Texas (Tyler).
ii The author is not a lawyer and recommends the reader take legal advice before acting on the opinions expressed regarding the patents in this opinion piece.
iii The author wishes to make it known that he was a senior manager at Oracle working with the engineers cited in this opinion piece.
iv Informitv.com, "Alcatel and Microsoft collaborate on IPTV Strategy", 22 Feb 2005.

[ariane] 27/11/2006 18:36

Alcatel and Lucent amend prospectus

MURRAY HILL, N.J. (AFX) - French telecom equipment maker Alcatel SA and
Lucent Technologies Inc. said Monday they have amended their joint consent
solicitation prospectus.
Under the amended terms, Lucent will pay a one-time consent fee only to
holders of its 2.75 percent series A convertible senior debentures due 2023 and
2.75 percent series B convertible senior debentures due 2025, who consent to the
terms of the joint consent solicitation.
The companies also said they have extended the expiration date of the
revised joint consent solicitation until Friday.
Bear, Stearns & Co. Inc. is acting as the solicitation agent for the consent
solicitation.
Earlier this month, President Bush approved the proposed $11.8 billion
takeover of Lucent by Alcatel, saying the deal does not present any major
national security concerns.
The combined company will become one of the world's largest
telecommunications equipment suppliers, generating about $25 billion in sales
and accounting for about an 18 percent share of the market.
The deal required the approval of the foreign investment council due to
Lucent's work on sensitive government contracts.
Alcatel's American depository shares fell 11 cents to $13.18, while Lucent
shares fell 2 cents to $2.57, both in midday trading on the New York Stock
Exchange.

[waldron] 26/11/2006 15:50

Thales pledges restraint in satellite mkt activity to get EU OK on Alcatel deal

PARIS (AFX) - Thales has pledged to not use its dominant position in
electronic conduits to distort competition in the satellite market, in exchange
for getting European Union approval for its acquisition of the 67 pct of Alcatel
space unit Alcatel Alenia Space, industry sources said.
EU competition authorities have until Tuesday to approve the acquisition or
proceed to a more detailed inquiry, according to an EU spokesman.
The deal between the companies also called for Thales to acquire Alcatel's
33 pct stake in Telespazio, and for Alcatel's stake in Thales to rise to 21.6
pct from 9.5 pct.
Italy's Finmeccanica holds the other 33 pct of Alcatel Alenia Space and the
other 67 pct in Telespazio.
[e-mail]
mjs/rw

[ariane] 22/11/2006 18:24

Alcatel "sell"

Wednesday, November 22, 2006 8:09:59 AM ET
Dresdner Kleinwort Wasser.

LONDON, November 22 (newratings.com) - Analysts at Dresdner Kleinwort maintain their "sell" rating on Alcatel (CGE.ETR). The target price is set to €8.

In a research note published this morning, the analysts mention that the removal of Lucent from the S&P500 market index would invite several sellers to the US domestic fund management front. The expanded Alcatel now becomes a more significant constituent of the benchmarking metrics of European fund managers, the analysts say. This would result in a change in the ownership structure of Alcatel-Lucent, Dresdner Kleinwort adds.

[ariane] 21/11/2006 07:01

11/20/06 - Posted from the Daily Record newsroom Related news from the Web


Alcatel sues Microsoft over network patents
BY SUSAN DECKER
BLOOMBERG NEWS

Alcatel, the world's largest supplier of broadband Internet equipment, sued Microsoft Corp., accusing the world's biggest software maker of infringing patents for digital video and communication networks.

Alcatel filed two lawsuits Friday in federal court in Tyler, Texas. The complaints don't spell out how Paris-based Alcatel believes Microsoft is infringing its patents. Alcatel said it is in licensing talks with Microsoft.

The suits were filed ''to preserve Alcatel's rights to fair compensation for its intellectual property rights used by Microsoft," Alcatel said in an e-mailed statement. ''Alcatel hopes that the matter can be resolved by further discussions rather than by the courts."

Microsoft also is involved in patent disputes with New Providence-based Lucent Technologies, which Alcatel is buying.

Lucent has said Microsoft is using Lucent video-decoding technology in the Xbox 360 video-game system, and it is demanding royalties from Microsoft customers Dell and Gateway over use of color memory and video-search functions and for a way to control a computer with a stylus.

Microsoft spokesman Guy Esnouf said in an e-mailed statement that the Redmond, Wash.-based company is reviewing the suits.

''Alcatel's recent filing appears related to longstanding patent litigation between Lucent and Microsoft in U.S. District Court in San Diego, which Alcatel is inheriting as part of its merger with Lucent," he said in the statement.

Alcatel's $11.8 billion purchase of Lucent will create the world's largest supplier of equipment for mobile-phone networks.

The patents in the Alcatel suits deal with ways to process digital video, allow computers to handle telecommunications software such as that used for Internet phone calls, and provide authentication for people trying to access networked computers.

In one suit, Alcatel says Microsoft is infringing three patents.

In the other, Alcatel claims infringement of four patents.

Alcatel is seeking cash compensation and a court order to bar further infringement.

Alcatel American depositary receipts, each representing one share, rose 6 cents to close at $13.56 in New York Stock Market composite trading.

Microsoft shares rose 49 cents to $29.89 on the Nasdaq Stock Market.

The cases are Alcatel USA Resources v. Microsoft Corp., 06-cv-499 and 06-cv-500, U.S. District Court, Eastern District of Texas (Tyler).

[ariane] 21/11/2006 06:55

Alcatel And Lucent To Officially Merge Nov. 30

The merger was approved by President Bush and the Committee on Foreign Investment in the United States, and the House Armed Services Committee reviewed its national security implications.

By W. David Gardner
InformationWeek

Nov 20, 2006 04:09 PM

Alcatel and Lucent Technologies said they will complete their merger on Nov. 30, in the wake of approval of the merger by President Bush and the Committee on Foreign Investment in the United States.

The merger, with France's Alcatel to emerge as the dominant partner, passed an important hurdle early last week when the House Armed Services Committee reviewed national security implications of the merger in a closed session.

A chief stumbling block had been the status of Lucent's Bell Labs, which has produced Nobel Prize winners and a slew of important inventions including the transistor and Unix. Although the committee didn't spell out in detail any terms agreed to by Alcatel and Lucent, the firms said they had agreed to adhere to certain restrictions.

In a statement late Friday, Alcatel and Lucent said: "CFIUS prepared a recommendation on the merger transaction to the President of the United States in the final phase of the approval process and the president has accepted the CFIUS recommendation that he not suspend or prohibit the proposed merger transaction, provided that, in time periods specified, the companies execute a National Security Agreement and Special Security Agreement to which they have agreed with U.S. government agencies."

While much of the negotiations between the two companies and the government was conduced in secret, Patricia Russo, Lucent's chief executive, said in written testimony delivered to lawmakers: "As a result of our interactions with CFIUS, we have developed an agreement that will address the national security interests the government had identified."

Previously, Lucent had agreed to create a special unit to operate sensitive work and contracts with national security overtones. The agreement calls for the unit to be operated by U.S. citizens.

[grupo guitarlumber] 19/11/2006 15:14

Lucent takeover by Alcatel clears last hurdle

The Associated Press
President George W. Bush has approved the proposed $11.8 billion takeover of Lucent Technologies by Alcatel of France, saying the merger of the two telecommunications equipment companies does not present any major national security concerns.

The White House press secretary, Tony Snow, traveling with Bush in Hanoi, said Friday night that the president agreed with the recommendation of the Committee on Foreign Investment in the United States to allow the deal to go through, removing the last major regulatory hurdle to the combination of the two companies.

The merged company will become one of the world's largest telecommunications equipment suppliers, generating about $25 billion in sales and accounting for about an 18 percent share of the market.

Snow said Alcatel and Lucent had agreed with U.S. government agencies to enter into "robust and far-reaching agreements designed to ensure the protection of our national security."

Lucent is the parent of Bell Labs, the legendary research organization that has generated more than 31,000 patents since 1925 and is credited with inventing the transistor. Lucent, with headquarters in New Jersey, employs about 29,800 people worldwide. Its chief executive, Patricia Russo, will run the new company from Paris, where Alcatel is based.

Alcatel employs 58,000 people and operates in more than 130 countries. Alcatel's chief executive, Serge Tchuruk, will be chairman of the new company.

[waldron] 18/11/2006 06:46

Bush OKs $11.8B Lucent sale to Alcatel

WASHINGTON (AFX) - President Bush has approved the proposed $11.8
billion takeover of Lucent Technologies Inc. by French-owned Alcatel, saying the
merger of the two telecommunications equipment companies does not present any
major national security concerns.
White House press secretary Tony Snow, traveling with Bush in Hanoi,
Vietnam, said Friday night the president agreed with the recommendation of the
Committee on Foreign Investment in the United States, or CFIUS, to allow the
deal to go through, removing the last major regulatory hurdle to the combination
of the two companies.
The merged company will become one of the world's largest telecommunications
equipment suppliers, generating about $25 billion in sales and accounting for
about an 18 percent share of the market. The combined company will trim about
9,000 jobs, saving $1.8 billion over three years.
Snow said Alcatel and Lucent agreed with U.S. government agencies to enter
into "robust and far-reaching agreements designed to ensure the protection of
our national security."
The merger required the approval of the foreign investment council due to
Lucent's work on sensitive government contracts.
"The president's decision demonstrates the commitment of the United States
to protect its national security interests and maintain its openness to
investment, including investment from overseas, which is vital to continued
economic growth, job creation, and an ever-stronger nation," Snow said in a
statement.
Lucent is the parent of Bell Labs, the legendary research organization that
has generated more than 31,000 patents since 1925 and is credited with inventing
the transistor. Lucent is headquartered in Murray Hill, N.J., and employs about
29,800 people worldwide. Lucent Chief Executive Officer Patricia Russo will run
the new company from Paris, where Alcatel is based.
Alcatel employs 58,000 people and operates in more than 130 countries.
Alcatel CEO Serge Tchuruk will act as chairman.
In a joint statement Friday night, the companies said they are "moving
quickly to finalize the transaction" and expect to complete the merger on Nov.
30.
Lucent shares closed slightly higher Friday, up a penny to $2.62 on the New
York Stock Exchange while Alcatel shares fell 8 cents to $13.50.

[waldron] 15/11/2006 05:01

Hearing won't delay Lucent-Alcatel deal

WASHINGTON (AFX) - Two members of Congress said Tuesday after a closed-door
hearing on the national security implications of Alcatel's acquisition of Lucent
Technologies Inc. that the deal should be approved by the U.S. government.
"It appears to me that the deal ... is going to be successful, and I don't
see anything stopping it at this point," Rep. Jim Saxton, Republican of New
Jersey, told reporters.
"It's very clear to me there's been a rigorous review process and all the
right questions have been asked by our intelligence agencies about this
transaction," Rep. Robert E. Andrews, Democrat of New Jersey, said. Andrews
added that he hoped the deal would go forward.
But California Republican Rep. Duncan Hunter, chairman of the House Armed
Services Committee, a critic of the deal, said the evaluation of the security
issues raised by the combination of the two telecommunications equipment firms
is "incomplete at this point."
Hunter said the committee would seek additional information over the next
couple of days, though it is unclear what steps, if any, can be taken to block
the deal at this point.
The House members spoke after Lucent's chief executive, Patricia Russo, and
Alcatel's president and chief operating officer, Mike Quigley, testified during
a committee hearing that was closed to the public due to the sensitive nature of
the national security issues surrounding the proposed transaction.
Hunter raised concerns over the national security implications of the $11.6
billion deal in an Oct. 26 letter to President Bush. Hunter said in the letter
that some of the classified work performed by Murray Hill, N.J.-based Lucent
could be leaked to countries that have previously done business with Paris-based
Alcatel, such as China, Cuba, Iran, North Korea, Sudan and Syria.
The two companies have said they would set up a separate subsidiary to
handle Lucent's sensitive work, to be overseen by three Americans with national
security backgrounds, including former Defense Secretary William Perry.
The creation of the combined company, to be called Alcatel-Lucent, has been
cleared by antitrust authorities in the United States and European Union, and
has been approved by shareholders of both countries.
The deal also has been reviewed by the Committee on Foreign Investment in
the United States (CFIUS), a federal panel that vets foreign acquisitions of
U.S. companies for their national security implications. While the deliberations
and recommendation of CFIUS are secret, Josh Holly, a spokesman for Hunter, said
that CFIUS completed its review Nov. 6 and forwarded its recommendation to
President Bush, who has until Nov. 21 to act on CFIUS' recommendation.
Private-sector observers have said they expect the deal to be approved.
Quigley and several members of Congress said that Hunter did not give any
indication during the hearing that he would introduce legislation to block the
deal.
Holly acknowledged that little could be done to stop the transaction if
President Bush approves it.
Shares of Lucent rose a penny to close at $2.53 on the New York Stock
Exchange. Alcatel shares jumped 18 cents in after-hours trading to $13.40, also
on the NYSE.

[ariane] 10/11/2006 08:40

Spirent takes part in Alcatel's IPTV lab trials

- Communications group Spirent Communications PLC said it will take part in
Alcatel's lab trial of IPTV and triple play service .
Spirent said its Video Test Solution (VTS) will let the Alcatel lab do
in-depth analysis of video quality.
CEO Anders Gustafsson said, "This new service assurance lab is expected to
help accelerate IPTV deployment. By verifying service quality and the subscriber
experience prior to launch, operators gain an understanding of what it takes to
deliver IPTV right the first time."
[e-mail]
gp

[grupo guitarlumber] 10/11/2006 07:16

Co-operation with Alcatel

RNS Number:8601L
Spirent Communications PLC
10 November 2006


IMMEDIATE RELEASE


CO-OPERATION WITH ALCATEL EXPECTED TO ACCELERATE IPTV DEPLOYMENT


LONDON. UK. - Nov. 10, 2006 - Spirent Communications plc ("Spirent" "the
Company" or "the Group") (LSE: SPT; NYSE: SPM), a leading communications
technology company, today announces its participation in Alcatel's IP Video
Service Assurance Proof of Concept Lab. This trial lab is hosted by Alcatel to
accelerate end-to-end test and measurement solutions for triple play service
offerings.

Spirent's SmartSight, IPMax, video performance management and Tech-X solutions
are proven service assurance tools for IPTV and triple play. To date, Spirent
offers the only solutions available that emulate the subscriber experience
through the transport core, access and in the home. Spirent's solutions are used
by the NOC and operations service center to quickly and easily diagnose complex
IP service impairments.

Spirent's Video Test Solution (VTS) will give the Alcatel lab the capability to
do in-depth analysis of video quality via a lab-based test bed. This innovative
platform provides IP impairment emulation and video quality assessment for
thorough evaluation of device and network performance.


Anders Gustafsson, Chief Executive, commented:


"This new service assurance lab is expected to help accelerate IPTV deployment.
By verifying service quality and the subscriber experience prior to launch,
operators gain an understanding of what it takes to deliver IPTV right the first
time."

- ends -


The full text of this and other recent Spirent press releases is available at
www.spirent.com


Enquiries

Spirent Communications plc [phone]
Anders Gustafsson, Chief Executive
Eric Hutchinson, Chief Financial Officer

Smithfield [phone]
Reg Hoare/Libby Young



Photography is available from UPPA (Universal Pictorial Press & Agency) -
www.uppa.co.uk
or tel: [phone]


About Spirent Communications plc

Spirent Communications plc is a leading communications technology company
focused on delivering innovative systems and services to meet the needs of cus
tomers worldwide. We are a global provider of performance analysis and service
assurance solutions that enable the development and deployment of
next-generation networking technologies such as broadband services, Internet
telephony, 3G wireless and web applications and security testing. The Systems
group develops power control systems for specialist electrical vehicles in the
mobility and industrial markets. Further information about Spirent
Communications plc can be found at www.spirent.com.

Spirent Communications plc Ordinary shares are traded on the London Stock
Exchange

(ticker: SPT) and on the New York Stock Exchange (ticker: SPM; CUSIP number:
84856M209) in the form of American Depositary Shares ("ADS"), represented by
American Depositary Receipts, with one ADS representing four Ordinary shares.

Spirent and the Spirent logo are trademarks or registered trademarks of Spirent
Communications plc. All other trademarks or registered trademarks mentioned
herein are held by their respective companies. All rights reserved.


This press release may contain forward-looking statements that are based on
current expectations or beliefs, as well as assumptions about future events. By
their nature, forward-looking statements are inherently predictive, speculative
and involve risk and uncertainty because they relate to events and depend on
circumstances that will occur in the future. You should not place undue reliance
on these forward-looking statements, which are not a guarantee of future
performance and are subject to factors that could cause our actual results to
differ materially from those expressed or implied by these statements. These
risks include the risks described from time to time in Spirent Communications
plc's Securities and Exchange Commission periodic reports and filings. The
Company undertakes no obligation to update any forward-looking statements
contained in this press release, whether as a result of new information, future
events or otherwise




This information is provided by RNS
The company news service from the London Stock Exchange

END
NRAUKRWRNNRARAA

[grupo guitarlumber] 10/11/2006 06:43

November 09, 2006 11:40 PM ETUS House hearing set for Lucent-Alcatel deal

Top officials at Alcatel and Lucent, the French and US telecommunications equipment manufacturers, will be called before lawmakers on Capitol Hill next week to answer questions about the merger deal's national security implications.

Duncan Hunter, Republican chairman of the House armed services committee, said he had scheduled the hearing, which will include testimony from Bush administration officials who are reviewing the deal, to discern whether it would undermine US national security interests.

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While it is far from clear whether Mr Hunter's interest in the deal could lead to wider scrutiny, or a backlash such as that against Dubai Ports World's failed takeover of five port terminals this year, the development will put pressure on the transaction and White House officials.

The $10.6bn merger is in the last stages of an investigation by the Committee on Foreign Investment in the US, or Cfius, the inter-agency panel that vets foreign takeovers.

The companies tried early on to pre-empt congressional concerns about the deal by launching a lobbying campaign and by submitting a plan to fence off Lucent's sensitive government contracts from Alcatel's business through the creation of a subsidiary that would be overseen by three Clinton administration defence and intelligence officials.

Mr Hunter, who will be relegated to minority status in the House once Democrats take over next year, has been a frequent critic of foreign transactions and has said he has "grave concerns" over the deal.

Cfius experts said the ultimate test of whether the deal would face real trouble was not Mr Hunter's opposition, but whether other more moderate lawmakers would join him.

Congress has since the ports debacle markedly softened its tone on the debate over foreign deals and, so far, has failed to to pass legislation that would make the Cfius process more onerous.

Copyright 2006 Financial Times

[ariane] 09/11/2006 07:20

NASA picks Alcatel Alenia for $1.5B deal
WASHINGTON (AFX) - NASA on Wednesday awarded satellite systems manufacturer
Alcatel Alenia Space a $50,000 rapid spacecraft development contract that has a
potential value of $1.5 billion.
Rapid II is a multiple award contract for core spacecraft systems and
nonstandard services. Baseline work includes fabrication and testing of the
spacecraft with mission specific design modifications, instrument integration,
shipment to launch site, launch vehicle support and on-orbit checkout, according
to NASA.
Alcatel Alenia Space is a joint venture of French telecommunications maker
Alcatel SA and Italy's Finmeccanica Spa.
The initial Rapid II contracts were awarded in January 2000, but new vendors
are periodically added if qualified, according to NASA.
Alcatel's American depositary shares rose 7 cents to $13.22 in afternoon
trading on the New York Stock Exchange.

[grupo guitarlumber] 08/11/2006 11:34

EU delays ruling on Thales/Finmeccanica/Alcatel/Telespazio deal until Nov 28

BRUSSELS (AFX) - The European Commission said it has postponed until Nov 28
its deadline for ruling on the proposed merger agreement between Thales,
Finmeccanica SpA, Alcatel and Telespazio over their satellite communications
operations.
The ruling had been due by Nov 14 but the commission requires further
information from the companies.
[e-mail]
vm/tc

[grupo guitarlumber] 07/11/2006 12:25

EU merger reviews at a glance outlook

BRUSSELS (AFX) - The following mergers and joint venture agreements have
been notified to the European Commission for regulatory clearance.

RECENT ADDITIONS
- Proposed acquisition by Swiss Reinsurance of the UK life insurance operations
of General Electric Co (Deadline Dec 8)
- Proposed acquisition by Alcatel SA of Nortel's UMTS network operations
(Deadline Dec 8)

PHASE ONE INVESTIGATIONS
Nov 7 -Proposed acquisition by Polski Koncern Naftowy Orlen SA of Mazeikiu Nafta
-Proposed acquisition by Royal Philips Electronics NV's unit Philips Holding USA
Inc of Intermagnetics General Corp
-Proposed joint venture between Otto and Cdiscount (Candidate for simplified
procedure)

Nov 9 -Proposed joint acquisition by Deutsche Bank AG and American International
Group LP of Pokrovsky Hills Holding Company Ltd (Candidate for simplified
procedure)
-Proposed acquisition by Thermo Electron Corp of Fisher Scientific International
Corp

Nov 10 -Proposed joint venture between Thales SA and Diehl weapons electronics
businesses (Candidate for simplified procedure)
-Proposed joint acquisition by Hombergh Holdings BV, WP de Pundert Ventures BV
and Pampus Industrie Beteiligungen GmbH and Co KG of SKF AB, Rautaruukki Oy and
Wartsila Oyj ABP's Ovako
-Proposed joint venture between Veolia Environnement unit Veolia Cargo and CMA
CGM unit Rail Link (Candidate for simplified procedure)

Nov 13 -Proposed joint venture between Siemens AG and Nokia Oyj in mobile
telecoms networks

Nov 14 -Proposed venture between Axa Imd, Investkredit and Europolis (Candidate
for simplified procedure)
-Proposed merger agreement between Thales, Finmeccanica SpA, Alcatel and
Telespazio on space ops

Nov 15 -Proposed acquisition by Permira Holdings Ltd of Borsodchem (Candidate
for simplified procedure)

Nov 17 -Proposed acquisition by Onex Corp's Onex Partners of Aon Corp unit Aon
Warranty Group (Candidate for simplified procedure)

Nov 21 -Proposed merger between Deutsche Boerse AG and Euronext NV
-Proposed acquisition by AXA unit Axa Private Equity of Gerflor (Candidate for
simplified procedure)
-Proposed acquisition by UCB of Schwarz Pharma
-Proposed joint venture between Russian producer OJSC Novolipetsk Steel and
Duferco Participations Holding Ltd (Candidate for simplified procedure)

Nov 22 -Proposed acquisition by OC Oerlikon Corp AG of Saurer AG (Deadline
November 22)

Nov 23 -Proposed acquisition by AIG-led consortium of London City Airport
-Proposed acquisition by Istithmar, Mubadala Development, Dubai Aerospace
Enterprise of 3i Group and Star Capital's SR Technics (Candidate for simplified
procedure)

Nov 28 -Proposed acquisition by Telecom Italia SpA of AOL Germany's internet
access business (Candidate for simplified procedure)

Nov 27 -Proposed acquisition by Johnson & Johnson of Pfizer Inc's consumer
healthcare unit

Nov 29 - Proposed acquisition by Schmolz + Bickenbach AG of Swiss Steel AG
(Candidate for simplified procedure)
-Proposed acquisition by Macquarie of RWE's Thames Water Ltd (Candidate for
simplified procedure)

Nov 30 -Proposed acquisition by Apollo Group Inc of General Electric Co's
advanced materials unit.
Proposed acquisition by Merrill Lynch of Irish Life & Permanent (Candidate for
simplified procedure)

Dec 1 - Proposed acquisition by Sun Group of Autobar Packaging (Candidate for
simplified procedure)
- Proposed joint venture between Bertelsmann AG, Vodafone plc and Moconta
(Candidate for simplified procedure )

Dec 4 - Proposed acquisition by Johnson Controls Inc of Fiamm Group
- Proposed joint venture between DSG International/FR-INVEST/F-GROUP

Dec 5 - Proposed joint venture between Fiat Auto SpA and Credit Agricole SA

Dec 6 - Proposed acquisition by Ryanair of Aer Lingus

Dec 8 - Proposed acquisition by Vivendi SA's Universal Music Group of BMG Music
Publishing
- Proposed acquisition by Swiss Reinsurance of the UK life insurance operations
of General Electric Co
- Proposed acquisition by Alcatel SA of Nortel's UMTS network operations

The commission launches first-phase inquiries into all deals that meet EU merger
thresholds. These inquiries last one month, but are extended by two weeks when
companies offer remedies or when a national competition authority asks to rule
on the deal. A deal that is not expected to raise competition concerns may be
submitted as a candidate for the EU's simplified merger procedure, a reduced
regulatory process. The commission is entitled to transform a simplified inquiry
into a full first-phase inquiry.

IN-DEPTH SECOND PHASE INVESTIGATIONS

Nov 24 - Proposed acquisition by Gaz de France of Suez

Dec 20 - Proposed acquisition by Metso Corp of Aker Kvaerner ASA's pulping and
power business

Dec 22 - Proposed acquisition by Candover's Thule AB of Schneeketten Beteiligung

2007 Feb 6 - Proposed acquisition by Glatfelter PH Co of Crompton Ltd's assets

The commission opens in-depth probes lasting up to four months if competition
concerns cannot be resolved during the first-phase inquiry.
[e-mail]
fr//jsa/fr/jlw

[grupo guitarlumber] 07/11/2006 12:08

EU deadline for inquiry into Alcatel buy of Nortel on Dec 8

BRUSSELS (AFX) - The European Commission said the deadline for its inquiry
into the proposed acquisition of Nortel's UMTS network operations by Alcatel SA
has been set for Dec 8.
In September, Alcatel and Nortel agreed the 320 mln usd deal.
[e-mail]
fr/cml

[grupo guitarlumber] 07/11/2006 11:46

Alcatel wins contract to double capacity of Kazakhstan's broadband network

PARIS (AFX) - Alcatel said it has won a contract from Kazakh national
telecoms operator Kazakhtelecom to extend and double the capacity of its
broadband network.
The value of the contract was not disclosed.
Alcatel also won a separate 5 mln eur contract from Kazakhtelecom to provide
it with optical networking to support 'triple play' services.
[e-mail]
mjs/cml

[waldron] 25/10/2006 14:01

Alcatel "buy"

Wednesday, October 25, 2006 5:50:00 AM ET
Merrill Lynch

LONDON, October 25 (newratings.com) - Analyst Sandeep Malhotra of Merrill Lynch maintains his "buy" rating on Alcatel SA (CGE.ETR). The target price is set to €12.2.

In a research note published this morning, the analyst mentions that the company has reported its 3Q revenues and EPS broadly in-line with expectations. Alcatel appears poised to secure additional contracts with US incumbents, besides the ones from Verizon and AT&T. Nortel is likely to boost Alcatel's 3G position going forward, Merrill Lynch says.

[waldron] 25/10/2006 11:00

Lucent Results Don't Fix Alcatel - Lehman

Wednesday, October 25, 2006 3:48:48 AM ET
Dow Jones Newswires



0625 GMT [Dow Jones] Lehman reiterates Alcatel (ALA) at underweight, saying that while Lucent's (LU) results are particularly strong, "this alone does neither allay our concerns over the merger nor the '07 outlook for the combined entity." Adds that as the various transactions close during 4Q, the focus should shift to the tougher '07 outlook and there is downside to Lehman's EUR8 target. Alcatel's mobile operations remain particularly weak. Lucent's strong results, driven by EV-DO upgrades in the US are more of a one-off rather than a new trend. Shares closed Tuesday at EUR10.3. (NAS)

[waldron] 25/10/2006 05:23

Alcatel Shares Gain as Lucent Earnings Beat Estimates (Update1)

By Rudy Ruitenberg

Oct. 24 (Bloomberg) -- Alcatel SA shares rose the most in two years after Lucent Technologies Inc., soon to be a unit of the French network-equipment maker, reported profit that beat analysts' estimates.

Lucent said net income was little changed at $371 million, or 7 cents a share. Analysts including Alexander Henderson at Citigroup Inc. had expected Lucent earnings to drop. Paris-based Alcatel, reporting at the same time, said today profit fell to 155 million euros ($194 million), or 11 cents a share, from 266 million euros, or 19 cents, a year earlier.

Consolidation among phone companies such as AT&T Inc. have given them stronger negotiating positions, forcing network equipment suppliers to merge. Alcatel Chief Executive Officer Serge Tchuruk agreed in April to buy Murray Hill, New Jersey- based Lucent in a $13.4 billion stock swap to gain size and compete against Ericsson AB and Nokia Siemens Networks.

``This puts Alcatel in a good position for its fusion with Lucent,'' said Jean-Edouard Reymond, a fund manager at Union Bancaire Gestion Institutionnelle SA in Paris, which oversees about $63 billion, including Alcatel shares. ``The good earnings reports should reassure the stock market.''

Alcatel shares rose 69 cents, or 7.2 percent, to close at 10.29 euros in Paris, the biggest gain since October 2004. Lucent shares rose as much as 20 cents, or 8.6 percent, to $2.54, the biggest gain since May 2005, and traded at $2.51 as of 12:39 p.m. in New York Stock Exchange composite trading.

Lucent Sales

Lucent's fiscal fourth-quarter sales increased for the first time in a year, rising 5.3 percent to $2.56 billion, beating the average $2.39 billion estimate of 20 analysts Thomson surveyed.

``There's been an up-tick in spending'' for more advanced network equipment by Lucent's customers such as Verizon Wireless, said Richard Windsor, an analyst at Nomura Securities in London, who rates Alcatel and Lucent shares ``neutral.'' ``That's mostly software upgrades, which have very nice profit margins.''

Alcatel's net income had been expected to drop 36 percent to 169 million euros, the median estimate of 17 analysts surveyed by Bloomberg News. The company had a gain of 91 million euros from the sale of satellite assets in the year-earlier quarter.

Alcatel's third-quarter operating profit fell 7.2 percent to 258 million euros from 278 million euros a year earlier. Analysts in the survey had expected operating profit of 262 million euros.

``Sales were a bit less than expected, but they published operating profit that was in line,'' said Reymond at Union Bancaire Gestion Institutionnelle. He said the earnings report ``validates the idea of a share price at 12 to 14 euros.''

Before the announcement, shares of Alcatel had fallen 8.3 percent this year, compared with a 12 percent drop for Lucent shares and a 15 percent gain in France's benchmark CAC 40 index.

Competitive Market

In the fixed-line business, the biggest supplier of asymmetric digital subscriber lines, or ADSL, which allow high- speed hookups via traditional copper phone lines, Alcatel's operating profit rose 25 percent to 151 million euros. In the mobile communications unit, whose products include wireless base stations, profit slumped 45 percent to 64 million euros.

``It's clear that the competitive positioning has gotten a little tougher in mobile, and we don't expect that to ameliorate in the next several quarters, hence the consolation,'' Alcatel Chief Operating Officer Mike Quigley said on a conference call today. He said the Alcatel-Lucent combination will rank third globally in mobile infrastructure, with 18 percent of the market.

In the second quarter of 2006, the market for mobile- infrastructure equipment fell 3 percent from a year earlier, researcher Dell'Oro Group said in an August report.

Gaining Size

Alcatel's Lucent purchase, which is valued at $10.6 billion at current share prices, will combine the world's biggest maker of broadband Internet equipment with the largest U.S. producer of phone gear. Alcatel shareholders will control about 60 percent of the combined company.

``Fundamentals for the merger are good and strategically it makes sense,'' Nomura's Windsor said. ``The execution will be phenomenally difficult and we've penciled in only half of the savings the companies expect.''

The companies' shareholders approved the combination on Sept. 7, and the last remaining condition is approval by the Committee on Foreign Investment in the U.S.

``The structure of the company will significantly change in the coming quarter, therefore we will not be providing company specific guidance,'' the company said.

The Alcatel-Lucent merger will be done ``in a few weeks,'' Tchuruk said in a conference call.

The fourth quarter will be ``strong,'' Chief Financial Officer Jean-Pascal Beaufret said in a conference call, without giving further details.

Merger Mania

Swedish rival Ericsson AB agreed in October 2005 to buy Marconi Corp.'s broadband Internet and telecommunications assets for 1.2 billion pounds ($2.25 billion) to expand in fixed-line equipment. Following both deals, Nokia Oyj and Siemens AG in June agreed to combine their telecommunications network-equipment units to create a company with sales of about 15.8 billion euros.

Lucent Chief Executive Officer Patricia Russo will take on day-to-day management of Alcatel Lucent, while Alcatel's Tchuruk will be chairman. The companies have said they will fire 9,000 workers to help save $1.7 billion within three years, with 55 percent of the savings coming from job cuts.

The combination of Alcatel and Lucent will challenge Cisco Systems Inc., the largest maker of computer networking gear. The combined company will have annual sales of about $25 billion, surpassing Stockholm-based Ericsson, the world's biggest maker of mobile-phone networks.

To contact the reporter on this story: Rudy Ruitenberg in Paris at [e-mail] .

Last Updated: October 24, 2006 12:44 EDT

[waldron] 24/10/2006 18:29

Paris shares close lower as investors pocket gains; Alcatel surges - UPDATE



(Updates with full report)
PARIS (AFX) - Share prices closed lower, retreating from yesterday's record
high as investors consolidated gains while awaiting news on the US economic
outlook later this week, beginning with the Federal Reserve's decision on
interest rates tomorrow, dealers said.
The CAC-40 index finished down 7.27 points at 5,404.54, having touched
yesterday its best level since June 2001. Volume for the day reached 4.7 bln
euro.
Among CAC-40 stocks, 13 closed higher, 25 were lower and 2 were unchanged.
November CAC-40 futures were trading down 8.5 points at 5,415.5.
The raft of US data releases later this week, including real estate,
consumer sentiment and third quarter GDP readings, kept investors wary from
pushing stocks higher after recent gains.
"The market was looking for clear direction since the beginning of the day,"
said one strategist in Paris.
Among the blue chips posting sharp declines, STMicroelectronics fell 0.37
eur or 2.7 pct to 13.30 ahead of its release of third quarter earnings after the
close of US markets tonight. Weaker than expected results from US rival Texas
Instruments, including a warning of lower fourth quarter profits than
anticipated, weighed on STMicro today.
Bouygues fell 1.22 or 2.6 pct to 45.38 as profit-taking followed a strong
run.
Schneider Electric was off 1.15 or 1.3 pct at 90.95, handing back
yesterday's gains after posting third quarter sales of 3.48 bln eur, up 15.3 pct
and broadly in line with analyst forecasts.
"This report is further proof of strong trends in most geographies. We
remain convinced that CEO Jean-Pierre Tricoire will upgrade the margin target
range (12.5-14.5 pct) by 100 basis points when the group reports full year
figures," said analysts at Societe Generale.
On the upside, Alcatel jumped 0.69 or 7.2 pct to 10.29 after posting third
quarter net profit of 155 mln eur, well below the analyst consensus forecast for
168 mln due to weakness for mobile telecoms profits.
But dealers focused instead on the fourth-quarter earnings for Lucent, which
came out well ahead of expectations. Alcatel and Lucent still expect to close
their merger deal by the end of this year.
Analysts at Fideuram Wargny in Paris noted that Lucent's operating margin
reached 15 pct in the quarter, up from 12 pct last year. "And this very good
performance for the American group is due in fact... to its mobile activities,"
the brokerage said.
"Lucent's good earnings justify the merger with Alcatel. They have
enormously reassured investors as to the interest of this transatlantic deal,"
said one trader in Paris.
On the broader indices, the SBF-80 index rose 18.70 points to 6,233.12 while
the SBF-120 fell 2.86 to 3,918.86.
The euro stood at 1.2567 usd compared with 1.2549 late yesterday.
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