European Merger Task Force recommandation
Schneider Electric and Legrand have learned that the European Commission's Merger Task Force (MTF) has sent a memorandum to the consultative committee of the Member States containing a negative recommendation on the Schneider Electric-Legrand merger.
For both companies, this development is completely unexpected and incomprehensible. Discussions with the MTF, which led to a number of commitments from Schneider Electric and Legrand, gave every indication that the merger would be approved. Given that all the necessary concessions have been made to provide a clear, durable solution to the statement of objections, rejection of the merger would be completely incomprehensible.
The Commissioners will hand down a final decision on October 17.