Nokia faces shareholder revolt over the French

libertyThe former maker of the rubber boot, Nokia, is facing a revolt from its shareholders over its move to buy the smaller French Alcatel-Lucent telco

Nokia Chief Executive Rajeev Suri defended the terms of its pending acquisition of smaller telecom gear maker after a shareholder slammed them as unacceptable.

Odey Asset Management, Alcatel-Lucent’s second-largest shareholder moaned to other investors that it would not tender its shares in the Nokia takeover because the 15.6 billion euro price in the all-share deal was too low.

Suri said that he had met other shareholders in the last couple weeks, and there’s very strong, good feedback.

He declined to say whether the terms of the deal would be altered, adding only that both boards had already approved them.

“Fundamentally this is a good deal with attractive upside in long-term and upfront,” he said.

Alcatel-Lucent shareholders do not need to vote to ratify the deal since it will go through as long as 51 percent of shares are tendered.