巴黎的电信设备Giant Alcatel-Lucent曾谈过几个月的谈判，该公司可能的21％股权，法国国防电子公司占卜集团。12月20日，它终于降落了一笔交易。阿尔卡特 - 朗讯宣布，它已达成了销售股权的明确协议，卖给法国的丹泽瓦航空的股份。
由于仲裁队的额度恰到时间为25％的溢价，即22.3亿美元的交易给阿尔卡特 - 朗讯获得了清理其资产负债表的急需机会，这已逐年减弱企业损失。继续s from the sale, expected to close in 2009, will erase Alcatel-Lucent’s net debt position of $858 million as of the third quarter of 2008. In November 2007 aerospace group European Aeronautic Defence and Space Co. EADS, the owner of Airbus, offered $2.3 billion for the Thales stake, but the sale was opposed by then–Alcatel-Lucent CEO Patricia Russo, who saw Thales as a beneficiary of strong defense spending. Russo and Alcatel chairman Serge Tchuruk announced last summer that they were leaving the company.
"We view this [the sale of Thales] as positive news that could boost the stock, and the improved cash position may temper investor fears of the company’s insolvency," says Simon Leopold, a technology analyst at Memphis-based Morgan Keegan & Co. who has a buy rating on the stock. For all the financial benefits, however, some shareholders fear that the deal could compromise the growth of Alcatel-Lucent, which had $27.8 billion of revenue in 2007.
该公司几乎没有独自在比赛中通过脱落业务筹集现金。由于价格继续下降，全球各地的公司正在争先恐后地执行资产销售。他们在这样做时面临战略困境。Short term, the goal is to batten the hatches until a strong economic recovery appears, expected in 2010. But long term, there’s a severe cost to selling assets in a down market, because buyers naturally want the most-profitable, most-stable assets. Sell-offs, then, can damage the future profitability of the seller.
"Alcatel-Lucent’s liquidation of its Thales stake, while not a core business for the firm, is similar to burning your furniture to heat your home," says Daniello Natoli, a technology analyst who covers Alcatel-Lucent at financial services and research provider Matrix USA in New York. "Eventually, the firm will run out of assets to sell to service its debts."
将产能过剩作为本十年结束多年的主题，特别是在电信设备，金融和航空公司等行业中，认为也认为具有更大的宏观成本。“有很少的定价能力。由于这些高度债务公司被迫清算其资产，因此在各自的行业中可能会在各自的行业中进行通货紧缩螺旋，”他说。
阿尔卡特 - 朗讯美国存款收据于2008年下跌71％，达到2.15美元，而塔尔斯股份，该股份是基于Neuilly-sur-Seine的巴黎郊区，2007年的收入为164亿美元，每年休息27％。Thales优于基于芝加哥的波音公司的这种竞争对手，在同一时期下跌53％至41美元。阿尔卡特朗讯在2006年与基于美国的朗讯技术合并的基于美国的朗讯技术合并以形成一家市场上限310亿美元的公司以来，Alcatel-Lucent尚未展示利润。这个数字降至约50亿美元。自合并以来，该公司已损失约70亿美元。
Russo于9月被英国BT集团前首席执行官的Veteran Telecom Executive Ben Verwaayen更换了。verwaayen和其他公司都没有用于评论。阿尔卡特 - 朗讯顾问BNP Paribas和JPMORGAN Chase＆Co.拒绝发表评论，塔尔斯顾问SociétéGénérale。
几位分析师称，泰尔斯股票的25％的溢价是阿尔卡特朗讯的公平交易。奥维尔·博格特（Olivier Brochet）覆盖纽约的Natixis证券，2008年5月指出了相当的协议，当时意大利的航空航天巨头FinMeccanica购买辛辛那提国防工程公司Drs Technologies Premium的35％。