Thanks for the explanation.  I think/guess/speculate that in order to get to the magic 95%, NOK is probably negotiating with that Fund that protested the terms of the deal shortly after the acquisition was announced, IIRC that fund owned some 5% of ALU.  NOK will need to agree to some terms and my guess is that the Fund has the upper hand, so NOK may need to sweeten the deal in order to get to that 95%, at which point they will be able to squeeze out the remaining hold outs.

So, if my wild guess is correct, it could be this which is negatively affecting NOK shares.