Schneider Electric extends period of exclusive negotiation granted to Wendel consortium until the end of the week
Schneider Electric and the Wendel consortium have agreed to extend until the end of the week the period of exclusive negotiation initiated on June 24, 2002. This extra time will be used to finalize banking documentation as the Wendel consortium has reiterated the terms of its offer. The sale price is firm and definite. It values Legrand shareholders’ equity at € 3.7 billion for 100% of its capital.
The Wendel consortium comprising Kohlberg Kravis Roberts & Co L.P (K.K.R) and Wendel Investissement was approved as a potential buyer by the European Commission. The mandatory consultations with employee representative bodies have also taken place.