JDS Uniphase Gains 5% on Merger Approval

JDS Uniphase

(JDSU)

was up 5% in preopen

Island

trading after several news services reported that the fiber-optic equipment company has

won approval to buy

SDL

(SDLI)

.

The reports, quoting unnamed sources, said an announcement would be made today.

SDL lately was up 7.2%.

To clear the way for the deal, JDS Uniphase will sell a laser manufacturing plant to

Nortel

(NT)

for as much as $3 billion in stock.