Nexans makes Tender Offers for shares in its two Korean subsidiaries
Nexans Announces Tender Offers and Plans for Voluntary Delisting for Nexans Korea and Kukdong Electric Wir
Paris, 16 June 2004 - Nexans, the largest shareholder of Nexans Korea and Kukdong Electric Wire, announced today that it will make two separate tender offers for the shares of these companies which it does not currently own. The Offer Price per share is KRW 2 000 for Nexans Korea and KRW 25 000 for Kukdong Electric Wire, which respectively represent a premium of 33.8% and 34.4% over June 15, 2004 closing prices. The Offer Prices represent a premium over average closing prices in the last 12-months of 57.7% for Nexans Korea and 46.6% for Kukdong Electric Wire. Nexans will purchase all tendered shares without a minimum acceptance requirement.
Nexans, a French based company and the world�s largest producer of cable and wire products, already owns just over 50% of the total outstanding voting shares of Nexans Korea and 50.3% of the total outstanding voting shares of Kukdong Electric Wire through its 100% subsidiary Nexans Participations.
Nexans explained that it is making the tender offers to secure stronger management control and ownership in the subsidiary companies. This will permit further integration into the group in order to actively cope with the fast changing business environment. Once the appropriate levels of shares are purchased through the tender offers, it will apply for voluntary delisting of the two companies, said Nexans.
The period for tendering shares of Nexans Korea and Kukdong Electric Wire is scheduled for June 22 to July 12. Goodmorning Shinhan Securities is the tender offer subscription agent and ABN AMRO is financial advisor to Nexans.
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Nexans in breve
Nexans e' leader nell'industria dei cavi. Il Gruppo propone una vasta gamma di soluzioni avanzate inerenti cavi in rame o in fibra ottica per il mercato dell'industria, delle costruzioni civili e per le infrastrutture. I cavi e i sistemi Nexans sono in ogni luogo, in reti di telecomunicazione e di energia, nel settore sanitario, automobilistico, ferroviario, edile, aeronautico, etc. Nexans, con la sua presenza industriale in 29 paesi e con le sue attivita' commerciali in 65 nazioni, impiega oltre 20.000 persone, con una cifra d'affari di 4,9 miliardi d'euro nel 2004. Nexans e' quotata alla Borsa di Parigi.
Nexans is the worldwide leader in the cable industry. The Group brings an extensive range of advanced copper and optical fiber cable solutions to the infrastructure, industry and building markets. Nexans cables and cabling systems can be found in every area of people's lives, from telecommunications and energy networks, to aeronautics, aerospace, automobile, railways, building, petrochemical, medical applications, etc. With an industrial presence in 29 countries and commercial activities in 65 countries, Nexans employs 17,000 people and had sales in 2003 of 4 billion euros. Nexans is listed on the Paris stock exchange. - http://www.nexans.com
Nexans acquired 50.0% + 1 of voting shares in Nexans Korea in March 2001 and 50.3% of voting shares in Kukdong Electric Wire in May 2003.