EuroWire January 2018

Corporate News

▲ ▲ Prysmian is acquiring General Cable in a deal worth approximately $3 billion

$3 billion merger deal

General Cable board of directors. We are confident that this transaction maximises value for our shareholders.” Michael T McDonnell, General Cable president and CEO, said: “This combination is an ideal strategic fit and ensures we are well-positioned to meet the future opportunities and challenges in the dynamic and evolving wire and cable industry. “Together, we will be able to deliver a robust portfolio of products and services and new product innovation across the full breadth of the wire and cable industry globally. Importantly, Prysmian and General Cable have a shared vision and highly compatible cultures founded on similar values.” He continued: “I am extremely proud of our people’s efforts to transform our business over the past several years, including rationalising the asset base and refocusing on core businesses, streamlining our supply chain, and accelerating profitable growth and innovation in key segments. Today’s announcement is a testament to the team’s hard work and tireless dedication.” The new group will be present in more than 50 countries worldwide and have approximately 31,000 employees. Prysmian Group – Italy Website : www.prysmiangroup.com General Cable – USA Website : www.generalcable.com

PRYSMIAN Group is acquiring General Cable Corporation in a definitive merger agreement for $30 per share in cash. The transaction values General Cable at approximately $3 billion, including debt and certain other General Cable liabilities, and represents a premium of approximately 81 per cent to the General Cable closing price of $16.55 per share on 14 th July 2017, the last day of trading before the company announced its review of strategic alternatives. The transaction, which has been unanimously approved by each company’s board of directors, has been recommended to its shareholders by General Cable’s board, and is expected to close by the third quarter of 2018. “The acquisition of General Cable represents a landmark moment for Prysmian Group and a strategic and unique opportunity to create value for our shareholders and customers,” said Valerio Battista, Prysmian Group CEO. “Through the combination of two of the premier companies in the cable industry we will be enhancing our position in the sector, by increasing our presence in North America and expanding our footprint in Europe and South America.” John E Welsh III, non-executive chairman of the board of General Cable, said: “The announcement is the culmination of a thorough and robust review of strategic alternatives undertaken by the

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January 2018