Finland’s Nokia confirmed on Tuesday that it was in “advanced” merger discussions with telecoms company Alcatel-Lucent

Finland’s Nokia confirmed the rumour on Tuesday. Nokia is marrying Alcatel-Lucent.

Nokia shares fell 6% after the news broke, it closed down 3.6% for the day. Shares of Alcatel-Lucent shot up 15% ending 14.7% up for the day.

In a joint statement, the companies said a potential merger would take the form of a public exchange offer by Nokia for the French company. Urging caution, the statement added: “There could be no certainty at this point that these discussions will result in any agreement or transaction.” It is unclear whether Nokia, which is a backbone of the Finnish economy, would acquire all of Alcatel-Lucent’s assets, or just its wireless business.