PARIS France's Rexel (RXL.PA) said on Friday it had succeeded in its break-up bid for smaller Dutch peer Hagemeyer HAGN.AS.
The French group, the world's largest electrical parts distributor bid some 3.1 billion euros ($4.77 billion) for its smaller competitor that had returned to health after a strategic overhaul following financial troubles.
French firm Sonepar has agreed to buy parts of Hagemeyer that Rexel does not need. The European Union on February 22 approved the transaction.
Rexel said its Kelium SAS offer vehicle had received acceptances for 95.71 percent of the outstanding shares and 97.13 percent of Hagemeyer bonds.
"The success of our offer for Hagemeyer underscores the strategic merits of the transaction, which marks a step change in the distribution of electrical supplies worldwide and reinforces Rexel's leading market positions in Europe," said Jean-Charles Pauze, chairman of Rexel's management board.
"We are greatly looking forward to moving on to the next stage, working with Hagemeyer's teams and building on a stronger platform to accelerate profitable growth," he added.
The Hagemeyer shares and bonds will be delisted from Euronext Amsterdam. The expected last trading day has been set at April 18 and delisting is expected on April 21.
There will be a squeeze-out offer.
Rexel is majority-owned by Clayton, Dubilier & Rice, Eurazeo (EURA.PA) and Merrill Lynch MER.N Global Private Equity.