Italian cable maker, Prysmian, is set to launch its formal bid worth €840 million for Dutch rival, Draka, Financial Times reports. Other company interested in Draka includes Tianjin Xinmao S&T Investment, which placed its bid worth €1 billion in November 2010.
The Dutch investment firm owned by the Fentener Vlissingen billionaire family, Flint Beheer, will tender its 48.5% stake to Prysmian unless another party bids at least 16.3% above the Italian company’s offer, adds Bloomberg. Goldman Sachs, Mediobanca and Leonardo & Advisers are advising Prysmian, while Catalysts Advisers is advising Xinmao.
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