Schneider holds 98% of Legrand's shares following a public offer but cannot now proceed with the merger. Analysts have predicted that the company may have to sell these shares at a heavily discounted price. The Commission has yet to set a date by which these must be sold.
Schneider chair Henri Lachmann stated: "We have been mistreated too much. The procedure is opaque and tantamount to a denial of justice."
The acquisition was denied on 10 October on the basis of concerns that the newly formed company would remove competition in the French and Italian markets.
Source
Electrical and Mechanical Contractor