Shares of Alcatel Lucent SA (ADR) (NYSE:ALU) plunged over 1.32% in premarket trading on Friday as it released that it has reached a definitive contract for the sale of its subsidiary, LGS Innovations LLC, to a US-based firm owned by a Madison Dearborn Partners-led investor group that comprises CoVant. The firm declared that its divestment is part of The Shift Plan. The cash transaction will contain a total amount of around $200M, of which 50% will be paid at closing, and about 50% in a subsequent variable part to be determined on the divested firm’s results of operations for the 2014 fiscal year.
The CEO of Alcatel-Lucent, Michel Combes stated that they have, under The Shift Plan, made a company commitment to divesting assets because in addition to at what time the right prospect arises for Alcatel-Lucent, and for the assets themselves.
Statoil ASA (ADR) (NYSE:STO) declared that the firm and its partners in the Johan Sverdrup field in the North Sea persist their work to assess and optimize the field development perception. The final verdict regarding idea selection will be made near the beginning in 2014. The resource anticipates for the field is between 1.8 billion – 2.9 billion barrels of oil equivalent.
The firm’s aim is to have the plan for development as well as operation accepted during the Norwegian Parliament’s spring session of 2015. Production start-up is anticipated at the end of 2019.