Prysmian, Draka Discuss Merger
Prysmian, a company that deals in high-technology cables and systems based in Milan, Italy, has entered into preliminary discussions with cable solutions company, Draka, about possibly combining the two companies, which will be implemented through a share for share cross-border statutory merger with Prysmian as the surviving entity. According to the companies, the discussions are at a preliminary phase and any proposed transaction will be submitted to the respective boards for approval only if, and when, the main elements of the combination will be sufficiently defined. Any proposed transaction would be subject to several conditions, including shareholders’ approval, financing and employee consultation procedures. Because of this, there is no assurance at this stage that a transaction of any kind will take place.