Rexel launches bid for Hagemeyer
Rexel, the world’s biggest electrical parts distributor, officially launched on Friday its e3.1 bn ($4.45 billion) or e4.85 per share bid for Dutch rival Hagemeyer.
By Agencies |
AMSTERDAM: Rexel, the world’s biggest electrical parts distributor, officially launched on Friday its e3.1 billion ($4.45 billion) or e4.85 per share bid for Dutch rival Hagemeyer.
Rexel, which will sell certain Hagemeyer operations to unlisted French peer Sonepar, said in a statement in Dutch daily Financieele Dagblad it would also sell its present activities in Germany to Sonepar and buy Sonepar’s Swedish business.
Rexel confirmed that Sonepar would buy Hagemeyer’s operations in US, Canada, Mexico, Australia, Switzerland, Austria, Sweden, China and Southeast Asia and six German branches excluding the ACE unit.
The offer period runs from Dec. 24 to March 4. Rexel will make its bid unconditional under certain conditions, including a minimum of 66.7% of Hagemeyer shares being tendered.
Hagemeyer, which last month agreed to the break-up offer, will hold an extraordinary meeting of shareholders on Feb. 25 to discuss the bid. It will present its 2007 results on Feb. 20 instead of Feb. 22, the Rexel statement said.
Rexel, which will sell certain Hagemeyer operations to unlisted French peer Sonepar, said in a statement in Dutch daily Financieele Dagblad it would also sell its present activities in Germany to Sonepar and buy Sonepar’s Swedish business.
Rexel confirmed that Sonepar would buy Hagemeyer’s operations in US, Canada, Mexico, Australia, Switzerland, Austria, Sweden, China and Southeast Asia and six German branches excluding the ACE unit.
The offer period runs from Dec. 24 to March 4. Rexel will make its bid unconditional under certain conditions, including a minimum of 66.7% of Hagemeyer shares being tendered.
Hagemeyer, which last month agreed to the break-up offer, will hold an extraordinary meeting of shareholders on Feb. 25 to discuss the bid. It will present its 2007 results on Feb. 20 instead of Feb. 22, the Rexel statement said.
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