Draka Continues Negotiations With Xinmao: Meanwhile, Prysmian Offer Progresses

Dutch cable manufacturer, Draka Holding NV (DRAK.AE), announced Wednesday it continues negotiations with China’s Tianjin Xinmao Science & Technology Investment Group, even though there is an agreed takeover offer from Italy’s Prysmian SpA is proceeding.

The Amsterdam-based company said it will conduct a general meeting on Jan. 26 to deal with Prysmian’s EUR840 million takeover bid.

The contest for Draka has also become political. The European Commission’s industry commissioner and Italian politicians voiced concerns that China’s ambitions to gain a foothold in European markets might reduce European cable makers’ competitiveness.

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