Prysmian buys General Cable for USD 3 bn

General Cable from Highland Heights/Kentucky and Prysmian from Milan signed a binding merger contract..........

on 4th December, according to which Prysmian pays USD 3 bn (EUR 2.5 bn) for General Cables’ cable business, including General Cables’ debts and other liabilities.

Prysmian is paying approx. USD 30 (EUR 25.42) per General Cable share, which corresponds to an 81% markup  on the 14.7.2017 closing price of USD 16.55 (EUR 14.00) before announcement of alternative strategies.

The completion of the transaction is expected for the 3rd quarter 2018, after consent from the relevant supervisory authorities.