Meeting of the Schneider Electric Board of Directors
The Board of Directors of Schneider Electric SA, which met on octobre25th 2002, noted with satisfaction the ruling of the Court of First Instance of the European Communities pronounced on October 22, 2002, which annuls the October 10, 2001 decision by the European Commission to prohibit the merger between Schneider Electric and Legrand.
The Board of Directors has analyzed the situation resulting from the Court’s decision. It has asked the Chairman to draw up rapidly the options open on the basis of feedback especially from Commission officials. The board of directors will then decide whether it is opportune to keep Legrand.
It should be noted that the annulment of the European Commission’s October 10, 2001 decision means that Schneider Electric may decide not to sell Legrand to the Wendel Investissement / KKR consortium subject to the payment of a break-up fee and the reimbursement of banking costs.