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December 12, 2007

Hagemeyer Ordered to Pay US$73M in Damages

The Netherlands-based electrical distributor Hagemeyer NV, which recently agreed to be bought by Paris-based Rexel, was ordered by a judge to pay €50 million (US$73 million) in bankruptcy-related damages.
 
The case involves Ceteco, which went into bankruptcy in 1998 and started proceedings against Hagemeyer, former members of Hagemeyer's board of management, supervisory board and the accountant of Ceteco. The company claimed mismanagement led to the bankruptcy. Hagemeyer owned 65% of Ceteco.
 
Though some are speculating that the judgment may affect Rexel's deal with Hagemeyer in the form of a reduced offer or a rescinding of the offer overall, a Hagemeyer spokeswoman told Reuters that the case was not news to Rexel. "They know about this. This court case has been in the annual report for years."
 
Hagemeyer said in a release that it will appeal the judgment.

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