Hints and tips:
...Anixter, which has a market value of $2.9bn, had tried to sell itself early last year, with rival electrical equipment maker Rexel of France and private equity group Carlyle reported to be among the buyers...
...Among CD&R’s portfolio businesses are Hertz, the car rental company, Rexel, the French distributor of electrical supplies, and BCA, a car auctions company....
...This was because of lower capital gains and lower earnings from companies in which it is invested – including net losses at Accor and Rexel....
...Rexel, the electrical components maker, and Pinault Wood and Materials, the business on which the group was founded, were among a number of businesses eventually sold off, but CFAO has remained in the portfolio...
...Its portfolio includes, Rexel, the electrical supplies distributor and US Foodservice, the food distribution and deliver company....
...This month, Hagemeyer, the electrical equipment distributor, will vanishfrom the bourse following the team-up between Rexel and Sonepar to buy it....
...If the offer is finalised, Sonepar will tender its 10.49 per cent interest in Hagemeyer to Rexel....
...He added that he viewed €5 as the maximum bid price in the absence of a bidding war between Sonepar and French rival Rexel. Rexel lost 0.9 per cent to €13.40....
...Rexel surged 11 per cent to €14.85 after Hagemeyer said it would meet with the company to discuss the offer, which doused talk of a bidding war for the Dutch supplier....
...Analysts said a deal would require a rights issue of €1bn by Rexel to keep the debt of the combined entity at manageable levels....
...French peer Rexel, which lost 2.0 per cent to €13.53, has been eyed by analysts as a possible white knight....
...Rexel’s cost of protection in the CDS market this morning tumbled by €35,000 per year to about €85,000 for €10m worth of debt on a five year contract....
...Rexel, a French rival, noted the bid and said it was considering its options....
...Five-year credit default swaps on Rexel fell by 25 basis points to 150bp....
...Hagemeyer jumped 7.7 per cent to €4.18 amid rumours that Rexel was poised to bid for the Dutch distribution services group....
...CD&R, jointly founded by Joe Rice in 1978, is currently planning to list Rexel in Paris in a float that is expected to value the electrical equipment wholesaler at €6bn-€7bn, while VWR, the pharmaceutical...
...Last month, CD&R floated Rexel, the French electrical products distributor, on the Paris stock market in a listing that valued the business at about €4.2bn ($5.7bn)....
...Take Rexel. This was the wholesale electrical distribution company owned by PPR....
...It was in good shape then, but PPR was a luxury goods business where Rexel was always going to be unloved....
...On Monday Rexel, the French electrical wholesaler bought by private equity groups last year for €3.7bn ($4.7bn) , said it was considering a flotation....
...Last November, it joined Clayton Dubilier Rice and Eurazeo in the $4.5bn acquisition of Rexel, the French electrical parts retailer....
...The shares also got support from renewed talk that Hagemeyer was in talks that could lead to it being acquired by Rexel, the French electrical equipment retailer....
...The Rexel purchase ranks as the largest private equity deal in Europe this year....
...The deal, which has forced PPR into a sweeping sell-off of its businesses - culminating in this month's disposal of Rexel - has not impressed investors: analysts doubt returns on Gucci will beat PPR's cost...
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