UPDATE 1-Alcatel-Lucent aims to be "near break-even"

* Alcatel-Lucent aims to be "near break-even"

* Says cash flow generation a priority

(Adds detail)

PARIS, May 29 (Reuters) - Telecoms equipment group Alcatel-Lucent (ALUA.PA: Quote, Profile, Research) on Friday told shareholders at its annual general meeting it aimed to be "near break even" this year at the operating level and would focus on generating cash.

Earlier this month, the group -- which has been hit hard by global spending slowdown -- had provided a firmer oulook, saying it aimed to break even.

Alcatel-Lucent on Friday also received permission from shareholders to issue new shares to raise capital.

At the meeting, union representatives protested against the granting of options to the group's executives. (Reporting by Gilles Guillaume; Writing by Astrid Wendlandt; Editing by David Holmes)