Schneider Electric amends its proposal for SCADA and MES specialist Citect
Rueil Malmaison, France and Sydney, Australia, February 15, 2006 - Schneider Electric’s (Euronext: SCHN) main Australian subsidiary, Schneider Electric Australia Holdings Pty Limited and Citect Corporation Limited (ASX: CTL) have today signed an agreement to revise their amended Merger Implementation Agreement.
Under this revised agreement, the consideration payable to Citect shareholders will be increased to AU$2.15 per share plus the special dividend of AU$0.05, subject to the Share scheme becoming effective, as set out in the transaction details section below.
The board of directors of Citect has unanimously approved this new amendment to the Merger Implementation Agreement and has therefore resolved to recommend the scheme of arrangement to shareholders and optionholders (in the absence of a superior offer).
Citect generated revenues of about €38.2 million in 2004 and employed 350 employees. Schneider Electric expects that the acquisition of Citect would still meet its Return on Capital Employed criteria.
Citect is the leading, independent global provider of industrial automation, real-time intelligence and next generation manufacturing execution systems (MES). Leveraging open technologies, CitectHMI/SCADA and Ampla connect to multiple plant and business systems. Citect’s products are complemented by professional services, customer support and training, and sold in numerous industries including mining, metals, food and beverage, manufacturing, facilities, water, gas pipelines, power distribution and pharmaceuticals.
Citect is headquartered in Sydney Australia, has 19 offices in Oceania, South-East Asia, China and Japan, North and South America, Europe, Africa and the Middle-East, and its products are distributed in more than 50 countries worldwide.
About Schneider Electric
Schneider Electric is the world's power and control leader. Through its world-class brands,
Merlin Gerin, Square D and Telemecanique, Schneider Electric manufactures and markets a comprehensive range of products and services for the residential, buildings, industry, energy and infrastructure markets. Schneider Electric has 85,000 employees worldwide, operations in 130 countries and recorded sales of €10.4 billion in 2004 through the 13,000 sales outlets of its distributors. www.schneiderelectric.com.
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