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    Schneider Electric grants the Wendel consortium: an exclusive right to negotiate to buy Legrand.

    The Board of Directors of Schneider Electric SA, chaired by Mr. Henri Lachmann, met on Monday June 24, 2002 to grant a period of exclusive negotiation to the WENDEL consortium comprised of KOHLBERG KRAVIS ROBERTS & Co L.P. (K.K.R.) and WENDEL INVESTISSEMENT in order to finalize a sale agreement for Legrand.

    On January 30, 2002, the European Commission ordered Schneider Electric to separate from Legrand before November 5, 2002. This deadline was subsequently extended by three months. Schneider Electric consequently initiated three divestment options : an initial public offering, a spinoff and an outright sale.

    The Board of Directors of Schneider Electric SA has decided to grant a period of exclusive negotiation to the WENDEL consortium, expiring on July 22, 2002.

    This period of exclusive negotiation will also be used to inform the Legrand employee representative bodies and present the operation to the European Commission. If the deal is signed, the consortium will have to seek approval from the European Commission’s antitrust authorities.

    The firm and definite price offered values 100% of Legrand capital at 3.7 billion euros. For Schneider Electric, following the provision made for Legrand shares in 2001 and the impact of taxation, this deal would have a slightly positive impact on the 2002 consolidated earnings.

    Should the European Community Court of First Instance overturn the decision made on October 10, 2001, Schneider Electric could refuse to sell its shares in Legrand subject to the payment of an indemnity.