Выберите свою страну/регион в раскрывающемся списке или щелкнув место на карте мира *
Country Selector Alternate Image



    Schneider Electric signs sale agreement with Wendel consortium

    On July 26, 2002, Schneider Electric signed an agreement to sell its stake in Legrand with the Wendel consortium, which comprises Kohlberg Kravis Roberts & Co. L.P. (K.K.R.) and Wendel Investissement.

    The firm and definite sale price, which values Legrand’s shareholders’ equity at € 3.7 billion for 100% of its capital, is € 3.63 billion for the 98.1% held by Schneider Electric. The payment will be made in cash on the date of the actual transfer of the shares except for € 150 million in the form of a vendor loan.

    The shares will be transferred by December 10, 2002 at the latest. The competition authorities concerned must also approve the arrangements.

    Moreover, should the European Court of First Instance in its judgement due this Autumn overrule the decision made on October 10, 2001, Schneider Electric has the right to keep its Legrand shares. This would be subject to the payment of a severance indemnity and the reimbursement of the costs incurred by the consortium.

    Henri Lachmann, Chairman and Chief Executive Officer of Schneider Electric commented on the signing of the agreement saying : « this sale agreement will maximize the interests of shareholders and contribute to the development of Schneider Electric, while protecting Schneider Electric’s rights following the appeal procedure filed with the European Communities Court of First Instance ».