Outlook configuration wizard crashing in CRM 2011 client for Office 2016

Hi,

As I read it should be supported to run CRM 2011 client in Office 2016 since we are on UR 18.

CRM client is working partially, I can navigate to records and do mail merging for example. But configuration wizard won't open, nothing happens. I turned on tracing for outlook client and I get the following at the end of a trace:
>Could not find outlook.exe path from MSI component information: 1607.

I see some posts from people not being able to install the client at all with this error, but no good answer. We are running 32 bit versions of both, Outlook and CRM client, in case someone suspects that...

Thanks in advance