A Paris court has overruled the French stock market's approval of Schneider Electric's proposed takeover of Legrand Electric.
The court has found in favour of a complaint by Legrand preference shareholders.
Schneider Electric and Legrand have acknowledged the decision by the appeals court and are examining the various possibilities engendered by the decision.
It is not clear whether the entire offer will have to be relaunched or whether the French market regulators will be able to consider a revised bid as suggested by the court rulings.
Legrand's minority shareholders hailed the decision as a landmark victory for corporate governance.
Source
Electrical and Mechanical Contractor
