Merger talks between telecommunications firms Alcatel and Lucent Technologies have reportedly collapsed.
The Wall Street Journalsays US-based Lucent was worried the deal would create the impression it was being taken over and is said to have wanted a "merger of equals".
Bosses at Alcatel's French headquarters are tight-lipped about the reported $23 billion link-up, which would have been the biggest European acquisition of a US technology company.
The wsj.comwebsite says Lucent was pushing to take a dominant position on the board of a merged company.
It has been reported a merger announcement would have been followed by a big public share sale by Lucent to raise cash while the deal awaited approval from regulators.
PA