Electrical distributors consider next moves in the U.S.
October 10, 2007
Paris-based Sonepar's unsolicited $3.5 billion (2.5 billion euro) bid Oct. 8 for Hagemeyer NV shook the electrical distribution world this week. Hagemeyer rejected the offer, saying it significantly undervalues the company." Nevertheless, the Netherlands-based company says it will meet with Sonepar to "clarify its intentions.
Based on comments by Hagemeyer CEO Rudi de Becker in August, Hagemeyer is not interested in selling. Still, Sonepar will likely try to persuade the company's board and raise its bid.
Joining Sonepar and Hagemeyer would create a global powerhouse with revenues of roughly 15 billion euro (US$21 billion), based on the two companies'reported sales in 2006. The merger would also mean greater and complementary market coverage for both companies ...