Lucent Sale to Alcatel Approved by the White House

US President Bush has approved the acquisition of Lucent Technologies Inc. by French telecom company Alcatel.

Bush added that this deal does not present any major national security concerns to the United States.

White House press secretary Tony Snow added in a statement that the president agreed with the recommendation of the Committee on Foreign Investment in the United States.

This approval removes the last major regulatory hurdle to the combination of the two companies.

The merger of the two companies would result in the formation of one of the largest telecom companies in the world. This entity would be generating about $25 billion in sales and accounting for about an 18 percent share of the market.