The sale of Legrand, forced on Schneider Electric by the European Commission, is nearing completion
A consortium led by Wendel Investissement and Kohlberg Kravis Roberts has finalised a 3.63 billion Euro deal to purchase Schneider's 98% stake in Legrand.

Schneider obtained the stake last year but was forced to resell it when the EC ruled that the new company would have too much control over prices in France and Italy.

A Wendel spokesperson said that the company hoped that the transfer would take place by the fourth quarter of 2002.

However, there is still a twist in the tale. Schneider has challenged the EC's decision and the outcome hangs on an appeal to the European Court of Justice.

A decision is due in October and, under the terms of the deal, Schneider will be able to break the sale on payment of a fee, should the court rule in its favour.

Source

Electrical and Mechanical Contractor