Just hours after it appeared Italian firm Prysmian was assured of taking over cable maker Draka, Chinese firm Tianjin Xinmao went public with a higher bid of €20.50 in cash – valuing the Amsterdam company at €1bn.

Prysmian had made a cash share offer worth €17.20 per share. That offer in turn was higher than the €15 a share offer from French firm Nexams. Draka turned down that bid 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.
In a statement, Draka said it ‘will carefully review Xinmao’s intention to propose an offer’ and will assess the offer in the light of its ‘commitment to the continuity of Draka and the interest of all its stakeholders (including its shareholders) as well as its current arrangements with Prysmian.’