ABB bids for France’s Entrelec
The Swiss-Swedish technology group, ABB, is launching a friendly takeover bid for the French company, Entrelec. It said its offer valued the Lyons-based company at SFr465 million ($279 million).
In a statement released on Monday, ABB said the deal offered great potential for both companies.
“This acquisition is a very effective strategic fit for both companies and will open significant new growth opportunities,” said ABB president, Jörgen Centermann.
Entrelec is a supplier of industrial automation and control products, including electrical connecting devices, time relays, signalling and safety equipment, and wiring accessories for the housing market.
It is active in 17 countries, with a strong market presence in France, Germany and the United States.
The Entrelec board says it considers the ABB offer fair and has recommended its acceptance by shareholders.
ABB listed on Wall Street last Friday and expects sales to increase by six per cent this year with operating profit expected to rise 15 per cent.
swissinfo with agencies
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