Italy’s Prysmian is to buy Dutch cable maker Draka for €840m, seeing off a rival bid from French firm Nexans.

The Prysmian cash and share offer values Draka at €17.20 per share, a 25% increase on Draka’s closing price on October 13, when news of the Nexans bid began to circulate.
Draka rejected the €15 a share Nexams offer at the end of October, saying it undervalues the company.
The Prysmian bid is supported by Flint, the investment company owned by the wealthy Fentener van Vlissingen family which has 48.8% of the Draka voting rights.
“We believe the Prysmian offer provides an attractive valuation and represents a unique opportunity for Draka and its stakeholders to preserve the company’s history, heritage and culture,’ said Draka CEO Frank Dorjee in a statement.