The French stock market watchdog has delayed Schneider Electric's proposed takeover of Legrand following legal action by Legrand shareholders.
Schneider's 7.9 billion euros bid has been blocked by Legrand's preferred shareholders, who are not happy with the lower offer for their holdings compared with the offer to ordinary shareholders.
The offer was to close on 7 March but the watchdog has delayed closure until the Paris Appeals Court considers the action by preferred shareholders. The court decision is expected in mid-April.
Source
Electrical and Mechanical Contractor
